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The U.S. economy added 4.8 million jobs in June and the unemployment rate fell to 11.1 percent, both better than expected. The economy has added around 7.3 million jobs in the past two months. The increase in the ranks of employed workers shows that companies ramped up hiring as the economy reopened and consumers came back to stores, restaurants, and other businesses that had been shuttered in March and April. Job growth was strong in restaurants and bars, reflecting the reopening of those establishments across the country, which added 1.5 million jobs, the Labor Department said Thursday. But employment remains 3.1 million below February’s level, the month before the pandemic hit the U.S. economy. Retail stores added 740,000. There were big gains in clothing stores, furniture stores, department stores, and auto dealerships. Despite the gains, total employment is around 1.5 million below February’s level. Manufacturing employment rose by 356,000 but is down by 757,000 since February. June employment increases were concentrated in the durable goods component, with the auto sector adding 196,000 jobs, accounting for over half of the job gain in manufacturing. Construction employment increased by 158,000 in June, following a gain of 453,000 in May. Employers added the jobs even as much of the country was beset by urban riots, looting of commercial districts, and marches by self-styled “black lives matter” activists calling for the defunding of police and the toppling of statues of political leaders from America’s past. Despite the increase in the number of employed workers, there are still tens of millions fewer Americans working today than February. Compared with a year ago, there are 12.957 million fewer jobs in the U.S. And a separate report on Thursday showed that over 1.427 million Americans were laid off last week, the fifteenth week in a row of one million-plus new claims for unemployment benefits but the thirteenth week in a row of declining claims. The previous week’s level of jobless claims was revised up by 2,000 from 1,480,000 to 1,482,000.
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President Trump, during a pre-holiday press briefing at the White House, touted the June jobs report that indicated the economy is beginning to rebound from the depths of its crash during the coronavirus pandemic. "Our economy is roaring back," Trump declared Thursday, saying the response to the coronavirus pandemic, coordinated with governors, is "working out very well." He added: "These are historic numbers." "The United States economy added almost 5 million jobs in the month of June, shattering all expectations," Trump said. "The stock market is doing extremely well ... this is the largest monthly jobs gain in the history of our country." Go to the link in our bio for more on this story.
Rachel Maddow Wrongly Predicted Jobs Numbers Would Be ‘Absolutely Terrible’ https://t.co/u06qWNhsfV— Daily Caller (@DailyCaller) July 3, 2020