Employers Added 4.8M Jobs In June Despite Coronavirus

Including 17.5K in accounting



Employers added 4.8 million jobs in June and the unemployment rate fell to 11.1 percent, according to the U.S. Bureau of Labor Statistics, a decline of 2.2 percentage points from the previous rate of 13.3 percent, as employees returned to work despite the ongoing spread of COVID-19. Accounting and bookkeeping services gained 17,500 jobs.

The report was much better than expected. Some economists had forecast gains of 3.23 million jobs. The BLS said Friday the “improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the COVID-19 pandemic and efforts to contain it.”

The BLS also revised upward the May job gains from 190,000, from 2.5 million to 2.7 million. However, it revised downward the April number by 100,000, from a loss of 20.7 million jobs to a loss of 20.8 million jobs. With those two revisions, employment in April and May combined was 90,000 higher than previously reported.

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Source: Accounting Today

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