Don’t get too comfy yet, but it looks like the May jobs report wasn’t a fluke. The US economy added almost twice as many jobs in June as it did the month before, according to the new jobs report from the Bureau of Labor Statistics. The unemployment rate fell two full points as 4.8 million jobs got created, but the enduring high rate of weekly jobless claims will put a damper on any celebrations.
However, it does appear that the riots and unrest did not derail the economic recovery. What about the new spikes in COVID-19? It might be too early to tell:
Total nonfarm payroll employment rose by 4.8 million in June, and the unemployment rate declined to 11.1 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it. In June, employment in leisure and hospitality rose sharply. Notable job gains also occurred in retail trade, education and health services, other services, manufacturing, and professional and business services. …
The unemployment rate declined by 2.2 percentage points to 11.1 percent in June, and the number of unemployed persons fell by 3.2 million to 17.8 million. Although unemployment fell in May and June, the jobless rate and the number of unemployed are up by 7.6 percentage points and 12.0 million, respectively, since February.