US Labor Market Gains Momentum... Job Growth in June, Unemployment Rate Declines

[Image source=Yonhap News]

[Asia Economy Reporter Onyu Lim] U.S. jobs have increased for two consecutive months, and the unemployment rate has slightly decreased.

The U.S. Department of Labor announced on the 2nd (local time) that nonfarm payrolls increased by 4.8 million in June.

After a decrease of 2.5 million in April due to the impact of the novel coronavirus disease (COVID-19), followed by a rebound with an increase of 2.5 million in May, the job numbers have shown growth for two consecutive months.

The unemployment rate for the same month fell from 13.3% in the previous month to 11.1%. However, as economic activities have recently resumed and COVID-19 is spreading rapidly, the possibility of the unemployment rate rising again cannot be ruled out.

The U.S. unemployment rate was at its lowest level in half a century since 1969 at 3.5% as of February, but was severely impacted by the COVID-19 crisis.