Job Additions, Other Gains and Losses
According to BusinessInsider.com the US economy notched its second straight month of job additions in June amid nationwide efforts to claw back from a coronavirus-induced recession.
American businesses added 4.8 million nonfarm payrolls during the month, according to the Bureau of Labor Statistics. That exceeded the 3 million payroll additions expected by economists surveyed by Bloomberg.
The US unemployment rate came in at 11.1%, the BLS said, lower than the 12.5% expected by economists. It was also down from 13.3% in May. April’s 14.7% reading was the highest since the Great Depression of the 1930s.
“Today’s positive jobs report does provide a powerful signal of how swiftly US job growth can bounce back and how rapidly businesses can reopen once the nation finally brings the coronavirus under control — a reason for optimism in coming months,” said Andrew Chamberlain, the chief economist at Glassdoor.
Nearly all sectors of the economy added jobs in June, with the 2.1 million payrolls added in leisure and hospitality representing the biggest gain. Within the industry, employment in food services and drinking places accounted for 1.5 million jobs added. Still, overall employment in the sector is down by 3.1 million since February.
Retail trade also added 740,000 jobs in the month, nearly double its gains in May. Education and health services, manufacturing, and professional and businesses services also added jobs in June. Still, employment in all sectors remains below February levels.