Source: AP Photo/J. Scott Applewhite
The U.S. economy added 850,000 jobs in June while the unemployment rate rose to 5.9 percent according to the latest data released Friday morning from the Department of Labor’s Bureau of Labor Statistics.
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Among the industries with the most notable growth — as more states lift restrictions put in place due to the Wuhan coronavirus — were leisure and hospitality, public and private education, and professional and business services. Payroll employment rises by 850,000 in June; unemployment rate changes little at 5.9% https://t.co/1Y9cSWJUIB #JobsReport #BLSdata — BLS-Labor Statistics (@BLS_gov) July 2, 2021 The number of “long-term unemployed” Americans increased by 233,000 to 4.0 million, while the average number of hours worked per week declined slightly to 34.7 hours.
Overall, 9.5 million Americans are unemployed, “down considerably from their recent highs in April 2020 but remain well above their levels prior to the coronavirus pandemic,” the Department of Labor reported.
Forecasts predicted that the economy would add around 700,000+ jobs, so June’s numbers outpaced the consensus expectations for that metric. On the whole, though, the report was still “disappointing” to many analysts and pundits. The good news: 850,000 jobs were added.
And that’s really good news!
The bad news: There are still almost 10 million open job listings, and the unemployment rate went up. That’s because we’re subsidizing people to stay home, and blowing out the deficit in the process. — Ben Shapiro (@benshapiro) July 2, 2021 Breaking News
Jobs Report Beats Consensus but disappointing
850,000 total662,000 private sector (so-so)5.9% U3 unemployment […]