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U.S. Job-Growth Optimism Tempered by Stall in States’ Reopenings

  • Payrolls rise above-forecast 4.8 million, jobless rate falls
  • Unemployment claims remain elevated as virus cases jump
Bloomberg business news
U.S. Payrolls Rise by 4.8 Million in June as Claims Remain Elevated
Updated on

The U.S. labor market made greater progress than expected last month digging out of a deep hole, yet optimism over the rebound was tempered by stubbornly high layoffs and a resurgent coronavirus outbreak across the country.

Thursday’s simultaneous release of the monthly employment report and the weekly jobless claims data offered diverging snapshots of the economy: One reflecting a flurry of rehiring -- particularly at restaurants and retailers -- as state economies reopened. The other reflecting a jump in new virus cases, which has led many of those same states to halt or even walk back reopening plans.