Jobs Report Comes Back Stellar For President Trump, Unemployment Rate Drops By 2.2%
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On Thursday, the June jobs report came out, showing that the United States economy gained 4.8 million jobs in the month of June which brought the unemployment rate down from 13.3% to 11.1%.
“These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it,” said the Bureau of Labor Statistics in a statement. “In June, employment in leisure and hospitality rose sharply. Notable job gains also occurred in retail trade, education and health services, other services, manufacturing, and professional and business services.”
The black unemployment for the month fell from 16.8% to 15.4% and Latino unemployment dropped from 17.6% to 14.5%.
“We’re in the beginning of a slow recovery,” said labor economist at the University of Tennessee Marianne Wanamaker to The Wall Street Journal. “I think the recovery will stall out if we don’t get control of the virus.”
According to economics professor at Michigan State University Lisa Cook, the United States economy is not safe just yet.
“The big picture is this is still an emergency,” Cook said. “There are small businesses and other businesses that are permanently closing.”
Check out some of the important statistics below released by the Labor Department:
The unemployment rate declined by 2.2 percentage points to 11.1 percent in June, and the number of unemployed persons fell by 3.2 million to 17.8 million. Although unemployment fell in May and June, the jobless rate and the number of unemployed are up by 7.6 percentage points and 12.0 million, respectively, since February. …
The number of unemployed persons who were on temporary layoff decreased by 4.8 million in June to 10.6 million, following a decline of 2.7 million in May. The number of permanent job losers continued to rise, increasing by 588,000 to 2.9 million in June. The number of unemployed reentrants to the labor force rose by 711,000 to 2.4 million.
The number of unemployed persons who were jobless less than 5 weeks declined by 1.0 million to 2.8 million in June. Unemployed persons who were jobless 5 to 14 weeks numbered 11.5 million, down by 3.3 million over the month, and accounted for 65.2 percent of the unemployed. By contrast, the number of persons jobless 15 to 26 weeks and the long-term unemployed (those jobless for 27 weeks or more) saw over-the-month increases (+825,000 to 1.9 million and +227,000 to 1.4 million, respectively).
Even MSNBC had something good to say about the job numbers.
MSNBC’s Steve Ratter said, “There’s no other way to look at this but as good news and we all of course want good news. Economists have had a particularly difficult time in forecasting numbers, including jobless numbers as we saw last month, they got a bit closer this month, but there were surprises to the upside. Getting the unemployment rate down to 11% is definitely better than any of us expected.”
Check out the video below:
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