Million Jobs Added in June, Unemployment Drops to 11.1 Percent

05 Juillet, 2020, 06:21 | Auteur: Auguste Feret
  • UNITED STATES- APRIL 18 A demonstrator demands that Gov. Larry Hogan lift restrictions that have closed certain businesses in Maryland since the coronavirus outbreak on Church Circle in Annapolis Md. on Saturday

The U.S. economy added 4.8 million jobs in June, up from 2.5 million in May and above consensus expectations for 3.23 million job additions.

President Donald Trump said the jobs report shows the economy is "roaring back", though he acknowledged there are still areas where "we're putting out the flames" of the virus. "We didn't wilt. And our country didn't wilt", he said at an impromptu White House press briefing. With the recent spike in coronavirus (COVID-19) cases some bars have closed again in Texas and California.

The department and state and federal law enforcement agencies are still investigating how much money in benefits may have been lost to fraud and the organizations allegedly responsible, Picard added. That good news, however, was offset by a rising number of people whose jobs are now considered permanently eliminated. Unemployment in Los Angeles County was 20.9% in May. The issues that the Bureau of Labor Statistics was having in correctly counting the unemployed were greatly diminished in June's report, so the reported unemployment rate is close to correct now. In June, about 8.2 million Americans were out of the labor force, but all want full-time jobs. Black unemployment was 15.4% compared with 14.5% for Latinos, 13.8% for Asians and 10.1% for white people. USA employers likely rehired several million more workers in June, thereby reducing a Depression-level unemployment rate, but the most up-to-date data suggests that a resurgent coronavirus will limit further gains. The number of those seeking work fell 3.2 million to 17.8 million, but the jobless rate is up 7.6 points and 12 million workers since February when unemployment was at a record low 3.5%, the BLS said. The number of Americans applying for unemployment benefits fell just slightly last week to 1.4 million, according to official figures.

The country overall lost 22 million payroll jobs in March and April, and has now regained about one-third of them. The seasonally adjusted unemployment rate contracted to 11.2% from 13.0% the month before.

The layoff figures remain high.

In Utah, 5,006 people filed new unemployment claims last week, according to separate and newer data released by the Labor Department, marking the sixth week those filings have hovered in that range after coming off dramatic highs set in early April.

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Data released on Thursday by the Bureau of Labour Statistics signals that the hard-hit USA job market may be slowly beginning to recover from the abrupt losses caused by the pandemic. That's all stopped with the pandemic.

The legal services industry now has 41,800 fewer jobs than in June 2019.

But job openings in media, information technology, computer software and accounting and legal services have dropped. Employment also grew last month in retail trade, education and health services, manufacturing, and professional and business services, Thursday's report said.

"Even as we move into the second half of the year, a large number of people will still be looking for work", said Eric Winograd, senior USA economist at asset manager AllianceBernstein. "This is kind of like a second wave effect rippling through the economy as a result of the COVID-19 crisis". Of those, more than 680,000 said they believed there are no jobs available for them in the current economic climate.

The unemployment rate for workers 20 to 24 years of age was 19.8% in June, double that for prime-age workers 25 to 54 years old and for older workers.

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