Record 4.8M jobs gained in June; Unemployment falls to 11.1% – Both beat estimates

CNBC:

  • Nonfarm payrolls rose by 4.8 million in June, much better than the expected increase of 2.9 million.
  • The unemployment rate fell to a crisis low of 11.1%, also better than the 12.4% estimate.

Nonfarm payrolls jumped by 4.8 million in June and the unemployment rate fell to 11.1% as the U.S. continued its reopening from the coronavirus pandemic, the Labor Department said Thursday.

Economists surveyed by Dow Jones had been expecting a 2.9 million increase and a jobless rate of 12.4%. The report was released a day earlier than usual due to the July Fourth U.S. holiday.

The jobs growth marked a big leap from the 2.7 million in May, which was revised up by 190,000. The June total is easily the largest single-month gain in U.S. history.

The numbers capture the move by all 50 states to get activity moving again after the virus seized up much of the U.S., particularly service-related industries.

Wall Street reacted positively to the report, with futures indicating a more than 400-point gain at the open.

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