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U.S. adds better-than-expected 4.8M jobs in June; claims elevated

From bnnbloomberg.ca

{video} The rebound in the U.S. labor market accelerated in June as the economy reopened more broadly, before a pickup in coronavirus cases that puts additional gains in jeopardy. Payrolls rose by 4.8 million in June after an upwardly revised 2.7 million gain in the prior month, according to a Labor Department report Thursday. The unemployment rate fell for a second month, by 2.2 percentage points to 11.1 per cent, still far above the pre-pandemic half-century low of 3.5 per cent. The June jobs report reflects a snapshot of mid-month conditions after a flurry of rehiring -- particularly at restaurants and retailers ... (full story)

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  • Category: Fundamental Analysis