BUSINESS

U.S. Jobs Gain Soar To 4.8 Million In June

Nonfarm payrolls leaped by 4.8 million in June, and the unemployment rate fell to 11.1% as the U.S. continued its reopening from the coronavirus pandemic, the Labor Department said Thursday.

The data pans out far better than expected as economists surveyed by Dow Jones had expected a 2.9 million increase and a jobless rate of 12.4%.

It was the second-consecutive month of growth after more than 20 million jobs were wiped out in April during the coronavirus lockdown.

The reopening of the economy is easing the burden on America’s stressed labor market.

The job growth marked a big jump from the 2.7 million in May, which was revised up by 190,000.

The June total is easily the most significant 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.”

Yvad Billings, Readers Bureau, Contributor

Edited by Jesus Chan

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