Thursday, July 02, 2020
The Economy Is Roaring Back! Jobs Surge By 4.8 million And The Jobless Rate Fell to 11.1%
By John Hinderaker | POWERLINE
The jobless rate fell to 11.1% in June as the U.S. regained 4.8 million jobs.
The job gains in May were also revised upward, from 2.5 million to 2.7 million.
In short, the economy is roaring back. I assume this accounts for the Democrats’ desperate attempts to re-impose shutdowns. They need to keep the economy in a depressed state until November.
Unemployment rate drops to 11.1% in June as job growth blows past expectations with 4.8M added
Economists expected the unemployment rate to edge down to 12.3% in June
The June jobs report revealed 4.8 million jobs were added last month with the unemployment rate at 11.1 percent.
The U.S. unemployment rate dropped to 11.1 percent in June as businesses shuttered by the coronavirus pandemic earlier this year rehired millions of idled workers.
May's figure was revised up by 130,000 for the addition of 2.7 million jobs last month. Still, the nation's jobless rate is up 7.6 percentage points compared to the start of the year, when it sat at a half-century low. There are 12 million more out-of-work Americans than compared to February.
Leisure and hospitality once again accounted for the biggest bulk of jobs created last month, with more than 2 million new positions added. About 1.48 million of those jobs were added by food services and drinking places — one of the sectors hit hardest by the pandemic as states ordered restaurants and bars to close and directed Americans to stay at home — while the accommodation sector added about 238,000.
Retail saw a gain of 740,000, and manufacturing increased by 356,000. Education and health services rose 568,000.
During a news conference Thursday morning, Trump hailed the report as "spectacular news."