WASHINGTON, DC: The US economy created jobs at a record clip in June as more restaurants and bars reopened, but 31.5 million Americans were ...
WASHINGTON, DC: The US economy created jobs at a record clip in June as more restaurants and bars reopened, but 31.5 million Americans were collecting unemployment cheques in the middle of the month, and a resurgence in COVID-19 cases suggested the labour market could suffer a setback in July.
Non-farm payrolls surged by 4.8 million jobs in June, the largest gain since the government started keeping records in 1939. Payrolls rebounded 2.699 million in May after a historic plunge of 20.787 million in April. Federal Reserve Chair Jerome Powell this week said the economic outlook"is extraordinarily uncertain" and would depend on"our success in containing the virus."
The measurement of the unemployment rate continued to be biased down by people incorrectly misclassifying themselves as being"employed but absent from work" last month. Local governments hired teachers and support staff. But state governments, confronting reduced revenues and stressed budgets caused by the pandemic, laid off more workers. There were further job losses in mining.
In a separate report on Thursday, the Labor Department said initial claims for state unemployment benefits fell 55,000 to a seasonally-adjusted 1.427 million for the week ended Jun 27. Including a programme funded by the federal government, 2.3 million people applied for benefits last week.
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