US JOB GROWTH IN JUNE BUOYS HOPE FOR EARLY RETREAT OF RECESSION
The US economy created jobs at a record clip in June as more restaurants and bars resumed operations, further evidence that the COVID-19 recession was probably over, though a surge in cases of the coronavirus threatens the fledgling recovery, Lucia Mutikani reported for Reuters late on July 2, 2020.
Non-farm payrolls increased by 4.8 million jobs in June, the Labor Department’s closely watched monthly employment showed on Thursday. That was the most since the government started keeping records in 1939. Payrolls rebounded 2.699 million in May.
Economists polled by Reuters had forecast payrolls increasing by 3 million jobs in June. The job gains added to a stream of data, including consumer spending, showing a sharp rebound in activity. But the reopening of businesses after being shuttered in mid-March has unleashed a wave of coronavirus infections in large parts of the country, including the populous California, Florida and Texas.
Several states have been scaling back or pausing reopening since late June and sent some workers home. The impact of these decisions did not show up in the employment data as the government surveyed businesses in the middle of the month.