As the US continued reopening from the pandemic, the United States Labor Department reported nonfarm payrolls increased by 4.8 million in June, and unemployment fell to 11.1 percent
Dow Jones economists expected an increase of 2.9 million US jobs and an unemployment rate of 12.4 percent. May saw an additional 2.7 million US jobs added to the economy, 190,000 more than expected. June is by far the most significant single month gain in the history of the United States. President Donald Trump said the announcement is proof that the economy is “roaring back.” There was also a significant decline in unemployment for blacks that fell from 16.8 percent to 15.4 percent. The numbers are historic.
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The report showed an increase in employment as all 50 states started getting active again after most of the US was shut down, specifically service-related industries. Hospitality and leisure accounted for the greatest gain, as the industry saw a 2.1 million gain in US jobs. Wall Street had a positive reaction to the news, with more than a 400-point increase at the opening. Michael Pearce, a Capital Economics economist, said the rise in payrolls is a confirmation the economy is rebounding faster than anticipated. Temporary layoffs were another significant contributor to the decline of the unemployment rate.
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