U.S. Job Market Rapidly Healing in June, Fed Researchers Say

The U.S. labor market has continued to heal at a relatively rapid rate through early June, St. Louis Federal Reserve researchers found, using real-time data that provides a more timely view than official government reports.

Employment has fallen about 8.75% in the week ended June 5 from January levels, making up almost half the decline of 15.08% recorded in mid-April, St. Louis Fed senior economist Maximiliano Dvorkin and research assistant Asha Bharadwaj wrote in a blog posted Tuesday. The estimates rely on daily employment data from Homebase, a scheduling and time-tracking tool mainly used by individually owned and operated businesses in the food and beverage, retail and service industries.