The economy added a record 4.8 million workers in June. But there are also some warning signs. jbarro writes
Back to work — but for how long? Photo: Saul Loeb/AFP via Getty Images The U.S. added 4.8 million jobs in June, by far a record for job gains in one month, as businesses reopened and employees returned to work after the depths of coronavirus-related disruptions in the spring. This report beat expectations and caused the Dow Jones Industrial Average to open higher by hundreds of points.
One is that the report showed a significant increase in permanent job losers. Most people who have become unemployed during the crisis have been describing themselves to Bureau of Labor Statistics surveyors as “on temporary layoff” – that is, they expect to return after some time to the same job they had lost. Unemployment fell sharply in May and June because many of these people did in fact return to work. The June unemployment rate was 11.1 percent, down from a peak over 14 percent.
I would note, though – while the rise in core unemployment is bad news, it was inevitable that it would go up, because some of the initially temporary layoffs were always going to become permanent, we just didn’t know which ones. A key question is whether core unemployment has gone up more than should have been expected. 5.
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