The new jobs report is out.
The U.S. economy added 4.8 million jobs in the month of June, as the unemployment dropped to 11.1%, according to data from the Department of Labor.
The 4.8 million jobs number exceeded expectations: according to CNBC, economists were predicting 2.9 million jobs would be added to the economy for the month.
As the country ambles towards a reopening of the economy despite the still raging coronavirus pandemic, the 4.8 million new jobs is a small step towards regaining the 20 million lost at the outset of the pandemic.
Reading between the lines, however, the report might not appear so rosy:
588,000 permanent job losses offset by 4.8 million temporarily laid off workers going back to work.
Very dangerous for policymakers to let the good headline distract them from the more troubling trend.
— Matthew Yglesias (@mattyglesias) July 2, 2020
1.4 million Americans filed for unemployment last week.
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