U.S. unemployment rate 11.1 percent for June
It was a mixed bag of economic news Thursday morning, with a record 4.8 million jobs added in June and a dip in the unemployment rate to a still-high 11.1 percent.
But with coronavirus cases surging in many parts of the country again, most economists expect further gains will be limited.
The 4.8 million jobs added last month far exceeded the 3 million economists had predicted for June, and the 11.1 percent unemployment rate was more than a percentage point below the 12.3 percent rate predicted.
But June is when states like Texas, Florida and Arizona began experiencing massive spikes in coronavirus cases, and in recent days those states, along with a number of others, have begun reversing some of their reopenings. Those reopenings were what allowed U.S. employers to bring millions of Americans back to work. Now, a nascent recovery is stalling. Texas, Florida, and California -- also seeing a surge -- make up three of the four most populous states in the country.
And the Associated Press says even the current jobless rate fails to fully capture the scope of the pandemic’s damage to the job market and the economy. Millions more people are working part-time but would prefer full-time work. And an unusually high proportion of workers have been subject to pay cuts, research has found.