Live Updates: COVID-19 Cases
  • World 21,103,111
    World
    Confirmed: 21,103,111
    Active: 6,394,304
    Recovered: 13,950,771
    Death: 758,036
  • USA 5,416,040
    USA
    Confirmed: 5,416,040
    Active: 2,401,976
    Recovered: 2,843,642
    Death: 170,422
  • Brazil 3,229,621
    Brazil
    Confirmed: 3,229,621
    Active: 767,417
    Recovered: 2,356,640
    Death: 105,564
  • India 2,465,662
    India
    Confirmed: 2,465,662
    Active: 663,755
    Recovered: 1,753,719
    Death: 48,188
  • Russia 912,823
    Russia
    Confirmed: 912,823
    Active: 174,361
    Recovered: 722,964
    Death: 15,498
  • South Africa 572,865
    South Africa
    Confirmed: 572,865
    Active: 123,978
    Recovered: 437,617
    Death: 11,270
  • Peru 507,996
    Peru
    Confirmed: 507,996
    Active: 134,342
    Recovered: 348,006
    Death: 25,648
  • Mexico 505,751
    Mexico
    Confirmed: 505,751
    Active: 108,951
    Recovered: 341,507
    Death: 55,293
  • Chile 380,034
    Chile
    Confirmed: 380,034
    Active: 16,604
    Recovered: 353,131
    Death: 10,299
  • Spain 355,856
    Spain
    Confirmed: 355,856
    Active: 327,251
    Recovered: ?
    Death: 28,605
  • Iran 338,825
    Iran
    Confirmed: 338,825
    Active: 25,683
    Recovered: 293,811
    Death: 19,331
  • UK 313,798
    UK
    Confirmed: 313,798
    Active: 272,451
    Recovered: ?
    Death: 41,347
  • Saudi Arabia 294,519
    Saudi Arabia
    Confirmed: 294,519
    Active: 30,823
    Recovered: 260,393
    Death: 3,303
  • Pakistan 287,300
    Pakistan
    Confirmed: 287,300
    Active: 15,932
    Recovered: 265,215
    Death: 6,153
  • Bangladesh 271,881
    Bangladesh
    Confirmed: 271,881
    Active: 111,667
    Recovered: 156,623
    Death: 3,591
  • Italy 252,235
    Italy
    Confirmed: 252,235
    Active: 14,081
    Recovered: 202,923
    Death: 35,231
  • Turkey 245,635
    Turkey
    Confirmed: 245,635
    Active: 11,666
    Recovered: 228,057
    Death: 5,912
  • Germany 222,269
    Germany
    Confirmed: 222,269
    Active: 12,188
    Recovered: 200,800
    Death: 9,281
  • France 209,365
    France
    Confirmed: 209,365
    Active: 95,505
    Recovered: 83,472
    Death: 30,388
  • Canada 121,234
    Canada
    Confirmed: 121,234
    Active: 4,666
    Recovered: 107,553
    Death: 9,015
  • China 84,786
    China
    Confirmed: 84,786
    Active: 690
    Recovered: 79,462
    Death: 4,634
  • Netherlands 61,204
    Netherlands
    Confirmed: 61,204
    Active: 55,039
    Recovered: ?
    Death: 6,165
  • Australia 22,743
    Australia
    Confirmed: 22,743
    Active: 9,018
    Recovered: 13,350
    Death: 375
  • S. Korea 14,873
    S. Korea
    Confirmed: 14,873
    Active: 705
    Recovered: 13,863
    Death: 305
  • New Zealand 1,602
    New Zealand
    Confirmed: 1,602
    Active: 49
    Recovered: 1,531
    Death: 22

The US adds 4.8 million jobs as unemployment falls to 11.1%

Author at TechGenyz Insights
Man Holding American Flag
Man Holding American Flag. Credit: Ketut Subiyanto | Pexels

US employers added a substantial 4.8 million jobs in June, and the unemployment rate fell to 11.1%, as the job market improved for a second straight month yet still remained far short of regaining the colossal losses it suffered this spring.

The nation has now recovered roughly one-third of the 22 million jobs it lost to the pandemic recession.

And with confirmed coronavirus cases spiking across the Sun Belt states, a range of evidence suggests that a job market recovery may be stalling. In those states and elsewhere, some restaurants, bars and other retailers that had re-opened are being forced to close again.

The re-closings are keeping layoffs elevated: The number of Americans who sought unemployment benefits barely fell last week to 1.47 million.

Though that weekly figure has declined steadily since peaking in late March, it’s still more than double the pre-pandemic peak set in 1982. And the total number of people receiving jobless aid remains at a sizable 19 million.

California has re-closed bars, theaters and indoor restaurant dining across most of the state. Florida has also re-closed bars and beaches. Texas has reversed some of its efforts to reopen its economy. New York has paused its plans to allow indoor dining.

Credit and debit card data tracked by JPMorgan Chase show that consumers reduced their spending last week after having increased it steadily in late April and May.

The reversal has occurred both in states that have reported surges in COVID-19 and in less affected states, said Jesse Edgerton, an economist at JP Morgan.

Nationwide, card spending fell nearly 13% last week compared with a year ago. That’s worse than the previous week, when year-over-year card spending had fallen just under 10%.

And Kronos, which produces time management software, has found that in the past two weeks, growth in the number of shifts worked has slowed in the Southeast and is now rising at just half the rate of the Northeast.

The pace of recovery is starting to slow, said Dave Gilbertson, an executive at Kronos. We are expecting to see more of a plateauing over the next couple of months.

Thursday’s jobs report is based on data gathered in the second week of June, which helps explain why the figures reflect an improving trend.

Last week’s plateau in work shifts will instead affect the July jobs figures, to be released in early August.

McDonald’s has paused its reopening efforts nationwide, and Apple says it will re-close 30 more of its US stores, on top of 47 that it had already shut down for a second time.

Economists have long warned that the economic benefits of allowing businesses to reopen would prove short-lived if the virus wasn’t brought under control.

Until most Americans feel confident enough to dine out, travel, shop or congregate in groups without fear of infection, restaurants, hotels and retailers will lack enough customer demand to justify rehiring all their previous workers.

Still, some bright spots in the economy have emerged in recent weeks.

Manufacturers expanded in June after three months of shrinking, the Institute for Supply Management, a trade group, said Wednesday. New orders are flowing in, and factories are adding more jobs, the ISM said.

And record-low mortgage rates are encouraging more home buyers. Purchases of new homes rose sharply in May.

And a measure of signed contracts to buy existing homes soared by a record amount, a sign that sales should rebound after falling for three straight months.

US employers likely rehired several million more workers in June, thereby reducing a Depression-level unemployment rate, but the most up-to-date data suggests that a resurgent coronavirus will limit further gains.

Economists have forecast that businesses, governments, and nonprofits added 3 million jobs a record high and that the unemployment rate fell a full percentage point to 12.3%, according to data provider FactSet. The predicted hiring gain would be up from 2.5 million jobs in May.

Career

Subscribe