June Jobs Numbers Shatter Expectations
Earlier this week ADP’s data indicated that the U.S. economy created 2.37 million jobs in June, but just like in May, ADP’s report came far short of reality.
While their private payroll report is usually in line with the Bureau of Labor’s numbers, they projected that 2.76 million jobs would be lost in May, when in reality a historic 2.7 million were added. To be fair, alongside the June figures were a vision of May’s numbers, in which ADP now says 3.1 million jobs were added in May, more than the government’s statistics.
And it’s looking like once against some revisions will be in order.
As CNBC reports:
Nonfarm payrolls soared by 4.8 million in June and the unemployment rate fell to 11.1% as the U.S. continued its reopening from the coronavirus pandemic, the Labor Department said Thursday.
Economists surveyed by Dow Jones had been expecting a 2.9 million increase and a jobless rate of 12.4%. The report was released a day earlier than usual due to the July Fourth holiday.
Instead, unemployment fell to 11.1%.
The June total is easily the largest single-month gain in U.S. history.
“Today’s announcement proves that our economy is roaring back. It’s coming back extremely strong,” President Donald Trump said in a news conference about an hour after the numbers were released. He pointed specifically to a sharp drop in the unemployment for Blacks that fell from 16.8% to 15.4%. “These are historic numbers.”
President Trump held a press conference to discuss the report after its release: