Jobs Up Again, Too Much Uncertainty from Reopening Rollback, Spread of the Virus Still What Matters

Labor market statistics released this morning show that nonfarm payrolls rose by a much higher number than expected at 4.8 million, compared to the 2.9 million consensus forecast. The unemployment level fell to 11.1% from 12.4%.

In a related jobs market release, we saw that initial weekly jobless claims dropped for the thirteenth week in a row and were 1.427 million for the week ending June 27, higher than the 1.38 million consensus forecast. Continuing claims were 19.290 million for the week ending June 20.

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