Record jobs gain of 4.8 million in June smashes expectations; unemployment rate falls to 11.1%

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Another big contributor to the decline of the jobless rate was a plunge in those on temporary layoff. That total fell by 4.8 million in June to 10.6 million after a decrease of 2.7 million in May.

17.6 million unemployed Americans probably won’t return to their pre-pandemic jobs

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17.6 million unemployed Americans probably won’t return to their pre-pandemic jobs


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The share of the workforce currently out of work with no reasonable chance of returning to their jobs is about 11%, or about 17.6 million people, according to new reserach from the Economic Policy Institute.

Fed’s Bullard warns of financial crisis risks as virus cases spike, FT reports

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Fed’s Bullard warns of financial crisis risks as virus cases spike, FT reports


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St. Louis Federal Reserve Bank president James Bullard has warned that a growing number of bankruptcies due to the coronavirus outbreak could lead to a financial crisis, the Financial Times reported.

June private payrolls rose 2.37 million and there was a big positive revision for May, ADP says

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Private payrolls grew by 2.369 million for the month, a bit lower than the 2.5 million expectation from economists surveyed by Dow Jones, according to a report Wednesday from ADP and Moody’s Analytics.