The U.S. economy added 4.8 million new jobs in June as the unemployment rate fell to 11.1 percent, according to the jobs report released by the Bureau of Labor Statistics Thursday. As many states renege on reopening plans amid a resurgence of the Covid-19 virus, June still marks the second consecutive month of economic growth after the Covid-19 epidemic plunged Americans into the steepest jobs decline since 1939.
The June unemployment rate of 11.1 percent dropped from 13.3 percent at the end of May, an even greater drop than the fall from 14.7 percent from April to May. The job growth for June is also greater than the month preceding, adding almost double the number of jobs. Although the unemployment rate is not yet back to its February levels, the Bureau of Labor Statistics noted a particularly high increase in jobs related to leisure and hospitality as states slowly begin to allow businesses to reopen. President Trump also drew attention to the 356,000 manufacturing jobs added in June, during Thursday’s press briefing.
The addition of 2.5 million jobs in May (a number later revised to 2.7 million) was the largest monthly jobs increase in history at the time, a record that today’s report easily tops.
“Today’s announcement proves that our economy is roaring back,” Trump said in a press briefing Thursday. “It’s 7.5 million jobs created in the last two months alone.”
The numbers far exceeded expectations for June economic growth. On Wednesday, CNN Business predicted an addition of three million jobs, far less than the 4.8 million reported on Thursday. The New York Times forecasted a similarly low number, and suggested that the unemployment rate would stay about 12 percent.
The record-setting jobs report was accompanied by a positive stock market response, with the Dow rising by 400 points.