4.8 million jobs return in June

4.8 million jobs return in June

Some 4.8 million jobs were added in the U.S. in June but worry remains it would not be enough to restart the economy.

Lucia Mutikani from Reuters wrote:

The U.S. economy created jobs at a record clip in June as more restaurants and bars reopened, but 31.5 million Americans were collecting unemployment checks in the middle of the month, and a resurgence in COVID-19 cases suggested the labor market could suffer a setback in July.

Record spikes in new coronavirus infections in large parts of the country, including Arizona and the highly-populated states of California, Florida and Texas, have forced several jurisdictions to scale back or pause reopenings, and send some workers back home.

Steve Peoples reported for the AP that:

The U.S. economy just posted its best single-month job gain in history.

U.S. unemployment is at one of its worst points since the Great Depression.

Both are true.

As Republicans and Democrats fought to spin Thursday’s jobs numbers to their advantage, both sides face tremendous political risks in navigating a delicate and defining issue heading into the presidential campaign’s final months.

Democrats, led by presumptive nominee Joe Biden, seized on the growing threat presented by coronavirus after the better-than-expected numbers were released, a stance the Republicans called rooting against America’s recovery. President Donald Trump claimed a major economic victory and played down the health threat, even as an explosion of new infections threatened to stall, or even reverse, the economic gains.

Jeff Cox from CNBC wrote:

The jobs growth marked a big leap from the 2.7 million in May, which was revised up by 190,000. The June total is easily the largest single-month gain in U.S. history.

“Today’s announcement proves that our economy is roaring back. It’s coming back extremely strong,” President Donald Trump said in a news conference about an hour after the numbers were released. He pointed specifically to a sharp drop in the unemployment for Blacks that fell from 16.8% to 15.4%. “These are historic numbers.”