Newly released statistics on Thursday showed that the U.S. economy regained 4.8 million jobs in June and that the unemployment rate fell from 13.3% to 11.1% as the country continues to recover from the coronavirus pandemic.
“These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it,” the Bureau of Labor Statistics said in a statement. “In June, employment in leisure and hospitality rose sharply. Notable job gains also occurred in retail trade, education and health services, other services, manufacturing, and professional and business services.”
According to the report, black unemployment dropped from 16.8% to 15.4% and Latino unemployment dropped from 17.6% to 14.5%.
“We’re in the beginning of a slow recovery,” Marianne Wanamaker, a labor economist at the University of Tennessee, told The Wall Street Journal. “I think the recovery will stall out if we don’t get control of the virus.”
While things are looking up, some economists were quick to caution that the U.S. was not out of woods yet in terms of being in a dire economic environment caused by the coronavirus pandemic. – READ MORE
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