The U.S. economy likely created jobs at a record clip in June as more restaurants and bars resumed operations, which would offer further evidence ...
WASHINGTON: The U.S. economy created jobs at a record clip in June as more restaurants and bars resumed operations, further evidence that the COVID-19 recession was probably over, though a surge in cases of the coronavirus threatens the fledgling recovery.
The job gains added to a stream of data, including consumer spending, showing a sharp rebound in activity. But the reopening of businesses after being shuttered in mid-March has unleashed a wave of coronavirus infections in large parts of the country, including the populous California, Florida and Texas.
Federal Reserve Chair Jerome Powell this week acknowledged the rebound in activity, saying the economy had"entered an important new phase and done so sooner than expected." But Powell cautioned the outlook"is extraordinarily uncertain" and would depend on"our success in containing the virus."The unemployment rate fell to 11.1per cent last month from 13.3per cent in May.
In an economy that had already fallen into recession as of February, many companies, including some not initially impacted by lockdown measures, are struggling with weak demand.
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