"...with the spread of the virus accelerating again, we expect the recovery from here will be a lot bumpier and job gains far slower on average.”
Senior U.S. economist, Michael Pearce, Capital Economics on a new U.S. jobs report for June showing the return of nearly 5M jobs.
- The June jobs report: 11.1% unemployment – 4.8M jobs added.
- This is better than forecasts from economists who expected a slower return of jobs.
- This week two large states, CA and Texas, returned to shuttering parts of their economies as COVID-19 cases increased. Conversely, states like NY have just started to return to work. These states have huge economies that impact the nation’s job market overall; California is the 5th largest economy in the world.
- Why It Matters: The “recovery” from the first wave of job losses during the COVID-19 pandemic has been faster than many economist predicted, but with rising COVID cases, economists are voicing both optimism and concern about the future.
Here’s a good read on the jobs report: CLICK HERE
Here’s the report from the Bureau of Labor Statistics: CLICK HERE