U.S. economy gains 4.8 million jobs, unemployment rate falls to 11.1 percent

[F-22Raptor]

The U.S. economy gained a whopping 4.8 million jobs in the month of June, bringing the unemployment rate to 11.1 percent and roundly beating economist expectations.

The June data, released Thursday by the Bureau of Labor Statistics — one day early, in deference to the July Fourth holiday — reflects a labor market that is slowly healing from the devastating effects of the coronavirus pandemic.


Economists had expected an increase of 3 million new jobs and an unemployment rate of 12.3 percent — though a large element of uncertainty prevailed, after May's surprise gain of 2.5 million jobs, when economists had predicted a loss of as much as 8 million positions.


https://www.nbcnews.com/business/ec...s-4-8-million-jobs-unemployment-rate-n1232746

 

[313ghazi]

11%? Is the unemployment rate really so high?! No wonder society is so fractured right now.

 

[Slick]

11%? Is the unemployment rate really so high?! No wonder society is so fractured right now.

It's actually recovering faster than expected. There's also an extra $600 per week for unemployment on top of what people normally would get. And there's a second stimulus check in the works that's supposedly going to be $1200 or higher. The problem is at the end of this month the extra $600 per week will end and if the cases continue to spike there might be another shutdown which will increase unemployment.

 

[Get Ya Wig Split]

https://twitter.com/x/status/1278677687050084352

https://twitter.com/x/status/1278667477518553091

Dow to open up 400+

 

[grey boy 2]

"another 1.4 million workers filed jobless claims last week"
https://abcnews.go.com/Business/une...ne-14-million-workers-filed/story?id=71557562
Coronavirus cases spiking in 45 US states. What that means for a second wave
With rates of infection rising faster in some places now than at the start of the pandemic, some states are racing to roll back reopening plans -- others, not so much.
https://www.cnet.com/how-to/coronav...-us-states-what-that-means-for-a-second-wave/
Looking foward for the next round's data

 

[313ghazi]

It's actually recovering faster than expected. There's also an extra $600 per week for unemployment on top of what people normally would get. And there's a second stimulus check in the works that's supposedly going to be $1200 or higher. The problem is at the end of this month the extra $600 per week will end and if the cases continue to spike there might be another shutdown which will increase unemployment.

I hope the politicians can avoid a shutdown. Most of them are very wealthy people, but the people who require this income are not. It's about hungry mouths - there shouldn't be any in the worlds richest country.

 

[Slick]

https://twitter.com/x/status/1278677687050084352

https://twitter.com/x/status/1278667477518553091

Dow to open up 400+

I was actually hoping it would drop. I'm not done buying yet. haha

I hope the politicians can avoid a shutdown. Most of them are very wealthy people, but the people who require this income are not. It's about hungry mouths - there shouldn't be any in the worlds richest country.

I don't know if they do this in every city but I'm currently in San Francisco and they give out free groceries every week.

 

[A1Kaid]

11%? Is the unemployment rate really so high?! No wonder society is so fractured right now.

Have you been living under a rock these past few months?

 

[313ghazi]

Have you been living under a rock these past few months?

I don't live in the US, I live in the UK. Things are bad here - but nowhere near that bad. I expect things to get worse once we have our stupid no-deal brexit.