Newly released job numbers from the month of June show that the U.S. economy is roaring back after being decimated by the coronavirus crisis.
According to The Daily Wire:
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.”
Nonfarm payroll employment rises by 4.8 million in June; unemployment rate falls to 11.1% https://t.co/1Y9cSWJUIB #JobsReport #BLSdata
— BLS-Labor Statistics (@BLS_gov) July 2, 2020
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.”
Economists have cautioned that we are not out of the woods yet as the reactions to the virus have forced the permanent closure of countless small businesses.
