Economy Gains 4.8 Million Jobs in June; Unemployment Declines to 11.1%

Economy Gains 4.8 Million Jobs in June; Unemployment Declines to 11.1%

The U.S. economy gained 4.8 million jobs in June, and the unemployment rate declined to 11.1%, according to figures released Thursday morning by the U.S. Bureau of Labor Statistics. The improvements reflect the continued resumption of economic activity that previously was curtailed because of the COVID-19 pandemic.

In response to the June job numbers, AFL-CIO Chief Economist William Spriggs said:

The growing number of workers who are facing more than five weeks looking for work signals a “typical” recession driven by weak demand. The spike in the short-time unemployed, those unemployed less than five weeks, was related to our health crisis. So, even after we get the health crisis in check, we face a recession the size of the Great Recession in terms of unemployed workers.

He also tweeted:

Last month’s biggest job gains were in leisure and hospitality (+2.1 million), retail trade (740,000), education and health services (568,000), other services (357,000), manufacturing (356,000), professional and business services (306,000), construction (158,000), transportation and warehousing (99,000), wholesale trade (68,000), financial activities (32,000) and government employment (33,000). Mining lost 10,000 jobs in June.

In June, the unemployment rates declined for teenagers (23.2%), Blacks (15.4%), Hispanics (14.5%), Asians (13.8%), adult women (11.2%), adult men (10.2%) and Whites (10.1%).

The number of long-term unemployed workers (those jobless for 27 weeks or more) increased in June.

Kenneth Quinnell
Wed, 07/01/2020 – 14:47

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Updated: July 12, 2020 — 2:44 pm