WATCH: Unemployment Rate Drops to 11.1% in June as Job Growth Exceeds Expectations – Biggest Increase on Record
By Fox Business // July 2, 2020
employers add 4.8M jobs in June
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(FOX BUSINESS) – The U.S. unemployment rate dropped to 11.1 percent in June as businesses shuttered by the coronavirus pandemic earlier this year rehired millions of idled workers.
The Labor Department said in its report, released on Thursday because of the Fourth of July holiday, that employers added 4.8 million jobs in June — the biggest increase on record. Economists surveyed by Refinitiv expected the report, to show that unemployment dropped to 12.3 percent and that employers added 3 million jobs.
May’s figure was revised up by 130,000 for the addition of 2.7 million jobs last month. Still, the nation’s jobless rate is up 7.6 percentage points compared to the start of the year, when it sat at a half-century low. There are 12 million more out-of-work Americans than compared to February.
Over the course of the past month, every state has started to navigate reopening their economies. But the unemployment level, which is still at the highest level in decades, is expected to remain elevated as social distancing guidelines remain in place, particularly as states fight a resurgence in COVID-19 cases.
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