Unemployment falls to 11.1%
48M Gain vs 3.2M expected
Thank you Pres Trump.
June jobs report: US economy adds better than expected 4.8 million payrolls, unemployment rate falls to 11.1%
The U.S. economy regained millions more jobs in June from May, as regions across the country eased social distancing restrictions and allowed more businesses to reopen. At 4.8 million, the net addition in payrolls was handily a record single-month gain, and topped consensus expectations.
Meanwhile, the unemployment rate fell from May’s level but held at a historically high level, as millions of Americans remained out of work with the pandemic still under way.
Here were the main metrics from the Department of Labor’s report, compared to consensus estimates compiled by Bloomberg:
Change in non-farm payrolls: +4.8 million vs. +3.23 million expected, +2.699 million in May
Unemployment rate: 11.1% vs. 12.5% expected, 13.3% in May
Average hourly earnings, month on month: -1.2% vs. -0.8% expected, -1.0% in May
Average hourly earnings, year on year: +5.0% vs. +5.3% expected, +6.6% in May