Record U.S. job growth expected in June, but masks labor market weakness

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The U.S. economy likely created jobs at a record clip in June as more restaurants and bars resumed operations, which would offer further evidence that the COVID-19 recession was probably over, though a surge in cases of the coronavirus threatens the fledgling recovery.

FILE PHOTO: People line up outside Kentucky Career Center prior to its opening to find assistance with their unemployment claims in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston

Several states have been scaling back or pausing reopenings since late June and sent some workers home. The impact of these decisions will not show up in the employment data as the government surveyed businesses in the middle of the month. According to a Reuters survey of economists, nonfarm payrolls likely increased by 3 million jobs in June, which would be the most since the government started keeping records in 1939. Payrolls rebounded 2.5 million in May after plunging by a historic 20.687 million in April.

Economists have attributed the burst in job gains to the government’s Paycheck Protection Program, giving businesses loans that can be partially forgiven if used for wages. Those funds are drying up.In an economy that had already fallen into recession as of February, many companies, including some not initially impacted by lockdown measures, are struggling with weak demand.

“Job losses are starting to bleed to other sectors of the economy, income groups and different skill sets,” said Mark Zandi, chief economist at Moody’s Analytics in West Chester, Pennsylvania. The jobless rate, which is the more standard measure of unemployment, has been biased down since March by people incorrectly misclassifying themselves as “employed but absent from work.” The Labor Department’s Bureau of Labor Statistics has been working with the Census Bureau to rectify this.

 

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No jobs were “created “, people went back work. How fucking misleading!

This is an irresponsible report.

We don’t need service sector jobs we need manufacturing and executive

It could be from the protesters.

USA lost an arm in a horrible accident, but fingernails on the opposite hand grew at a record clip in June, though a recent surge of gangrene threatens the fledgling economy.

Yeah, jobs that are now getting lost because of the viral resurgence. Stupid Trumpist states. They've destroyed whatever recovery we could have hoped for.

Remember: Planet Earth is “Together”! A pandemic cannot break it! People will understand that all of one 'Test'! Communication with the Creator cannot be broken!

As long as people resist wearing mask, there will be no way that you get over it. 52,000 infected in a day is a huge number and it seems to continue rising. In a week or ten days there shall be a huge rise in number of those who pass away. Specially if Trump continues his denial.

Not something Biden would have accomplished.

This is remarkably chirpy considering that we’re starting down the barrel of of a depression.

Have to learn to adapt and live with it. No other option. We will get through 👍

That is not job growth! That is recovery of a few of the lost jobs.

ARE THOSE JOBES ?DOING WHAT

Sad news for fake news outlets and the commenters below ..all these people want unemployment I think.

You and your subliminal messaging...tsk tsk, !

It’s easy to have record growth when you’ve had higher firings.

Did someone pay you to do this? What?

Which would provide more evidence the COVID-19 recession is over...because more bars and restaurants opened. You mean those same bars and restaurants that are again being ordered to close?

Recovery is not growth

The people of the United States need to stay strong.

But but....we have to say it.....orange man bad ... EVERY STORY Every thing. Every time. But....but ....orange man bad :( Truly deplorable.

When you start from zero there’s only one way to go.

Record number people that were laid off, go back to work. There I fixed it far you.

'Record job growth' is such a misleading portrayal. What we're seeing is employees returning to work, in most cases, in states who's governors defied CDC guidelines, lifted restrictions, jeopardized people's health & we're now seeing those decisions lead to a massive outbreak.

I dont think so...

Oh FFS But but but but.... Orange man bad :( Whaaaaaaaaaaaaa

Yay. Partial good news. We'll take it.

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