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Employment increased by 4.8 million, unemployment rate reached 11.1%



The Labor Department said on Thursday that as the United States continued to reopen from the coronavirus pandemic, the number of non-agricultural employment surged by 4.8 million in June, and the unemployment rate fell to 11.1%.

The economists surveyed by Dow Jones had expected an increase of 2.9 million, and the unemployment rate was 12.4%. Due to the July 4th holiday in the United States, the report was released one day earlier than usual.

Employment growth marked a sharp increase of 1

90,000 from 2.7 million in May. The June total is probably the largest single-month increase in US history.

This number captures the actions of all 50 states in the United States, so that after the virus occupies most of the United States, especially service-related industries become active again.

However, because the government investigation began in the middle of the month, it did not take into account the suspension or rollback of areas affected by the recurrence of coronavirus cases.

Leisure and hospitality have again become the biggest growth, with the industry growing by 2.1 million, accounting for about 40% of the total growth.

Another important reason for the decline in the unemployment rate is the sudden drop in the number of temporary layoffs. After a decrease of 2.7 million in May, the total in June decreased by 4.8 million to 10.6 million. The number of short-term unemployed fell by 1 million to 2.8 million.

A month before the coronavirus pandemic shut down most of the US economy, the level of labor force participation rose sharply to 61.5%, 1.9 percentage points lower than the February level.

The work of full-time and part-time staff is balanced, 2.4 million per person.

The retail industry has also grown substantially, by 740,000. Education and health services increased by 568,000, and manufacturing increased by 356,000. Personal and laundry services achieved another significant growth, reaching 264,000, which was part of the total increase of 357,000 in other services.

The overall unemployment rate has been underestimated due to incorrect counting by the Bureau of Labor Statistics. Workers who still have jobs but do not have jobs are considered employed, even if they are considered unemployed according to the regulations of the Bureau of Labor Statistics.

However, the Bureau of Labor Statistics said that the June difference was “significantly reduced”, making the actual unemployment rate only about 1 percentage point higher than the reported level.

Another measure of unemployment, including depressed workers and underemployed people, fell from 21.2% to 18%.

This is breaking news. Please check for updates here.


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