Just the News posted an article today reporting that the U.S. added 4.8 million jobs during the month of June, the Bureau of Labor Statistics reported Thursday. The unemployment rate fell to 11.1%. Economists had estimated that 3 million jobs would be added.
The article reports:
The increase in jobs comes as businesses begin rehiring following the height of the coronavirus pandemic in April and May.
The unemployment rate also dropped more than expected. The Dow Jones predicted that it would fall to 12.4% in June. It was 13.3% in May.
We are definitely moving in the right direction.
The article concludes:
Also released this morning were the weekly jobless claims, which showed that 1.43 million Americans filed for first time unemployment benefits last week. This number was slightly higher than the expected 1.38 million.
The new numbers will help inform Congress later this month as they debate the possibility of expanding benefits for unemployed Americans.
The expanded benefits system has been providing the unemployed with an additional $600 a week, and covering workers who are not typically included in the state benefit systems.
Sections of the country have begun pausing their economic reopening efforts as the coronavirus spikes sharply in the south west.
It is likely that Congress will ultimately agree to extend those benefits, but decrease the $600 addition.
The $600 addition has been cited by many business owners as the reason some of their employees are not in a hurry to return to work. Whatever Congress subsidizes we will see more of. When unemployment is no longer subsidized, we will see less of it.