The U.S. Labor Department reported this morning that 4.8 million jobs were added in June, the biggest monthly increase on record.
That makes a dent in an unemployment rate that was reaching 20 percent but now officially falls at 11.1 percent. There were 2.7 million new workers added in May.
While Dinseyland in California has postponed its parks’ re-opening, and bars re-closing in many parts of the country could slow nationally July growth, Florida numbers should get a boost with the Walt Disney World parks reopening July 11 and 15 and resorts coming back online a couple at a time.
Leisure and hospitality once again accounted for the biggest bulk of jobs created last month, with more than 2 million new positions added.
“Today’s jobs report is a look in the rearview mirror,” said Andrew Chamberlain, chief economist at Glassdoor. “With surging COVID-19 cases hitting new highs in the past week, rough waters are surely ahead for the economy in the coming months as a second wave could again shutter millions of American small businesses and put a freeze on hiring.”
Still, he said the better-than-expected report provided a “powerful signal of how swiftly U.S. job growth can bounce back and how rapidly businesses can reopen once the nation finally brings the coronavirus under control — a reason for optimism in coming months.”