ThinkWhy, a SaaS company helping businesses navigate the labor market, has released its U.S. monthly jobs report for June 2020. According to the Bureau of Labor Statistics (BLS), the U.S. economy gained 4.8 million jobs in June, surpassing the record of 2.7 million jobs added in May. The combined 7.5 million jobs added in May and June 2020 represent more than the 40-month total leading up to the impact of COVID-19.
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“Job growth hit another record and continued to benefit from states reopening in June. The numbers provide a level of optimism for the economic recovery, but rising COVID-19 counts are threatening the pace and sustainability of the rebound”
As reported monthly through the BLS, the U.S. unemployment rate for June fell to 11.1 percent. June’s strong growth was boosted by U.S. businesses reopening to various levels based on state and local policies, however, the pace and sustainability of the recovery is being threatened by a rise in COVID-19 counts across the nation.
“Job growth hit another record and continued to benefit from states reopening in June. The numbers provide a level of optimism for the economic recovery, but rising COVID-19 counts are threatening the pace and sustainability of the rebound,” said Jay Denton, SVP, Business Intelligence and Chief Innovation Officer at ThinkWhy.
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Labor Market Performance:
- Non-farm payrolls increased 4.8 million in June
- Unemployment sits at 11.1%
- Temporary layoff level is 10.56 million
- Job gains concentrated in low-wage industries such as Leisure and Hospitality (2.1 million) and Trade, Transportation + Utilities (903,000)
In addition, total non-farm payroll average hourly earnings increased by 5.0% year-over-year ending in June. On a year-over-year comparison, the reduction of many low wage jobs contributed to the strong wage growth. Combined with six consecutive weeks of generally decelerating total unemployment insurance claims, these are indications the U.S. is seeing signs of recovery.
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