Job Returns Accelerate in June
There isn’t any “new normal” yet, but one of the persistent issues in this odd transition period is a complete inability to predict where we’re at. This morning, the monthly employment report showed nonfarm payrolls had risen by 4.8 million in June, topping the median forecast by roughly 1.6 million. Considering the forecast miss in May was 10 million, June was quite an improvement. The unemployment rate, calculated from a separate household survey, decreased from 13.3% to 11.1%. The Bureau of Labor Statistics (BLS) said the actual percentage would be a point higher if not for a classification error. On the surface, all good. A massive number of Americans were laid-off in April and apparently a third of them have already been rehired. Businesses have now added back approximately 7.5 million out of the 22 million jobs lost.