From the Wall Street Journal this morning:
"The jobless rate fell to 11.1% in June as the U.S. regained 4.8 million jobs, but a recent coronavirus spike could hamper the labor market’s recovery.
"Job growth in June followed May’s payroll gain of 2.7 million and showed Americans are slowly getting back to work. But the U.S. labor market is operating with millions fewer jobs than in February, the month before the coronavirus pandemic struck the U.S. economy.
"The jobless rate, down from 13.3% in May, is still well elevated at historically high levels compared to before the coronavirus drove the U.S. into a deep recession. Until March, the unemployment rate was hovering around a 50-year low of 3.5%."
- KC's View:
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Good news, but we need some perspective. These are people going back to work, which is a good thing, but it is hard to know how spikes in infections, new closures, and continued uncertainty about the nation's health will impact businesses going forward.
We have to remember - the economy cannot fully recover until Covid-19 has been dealt with, and that means a vaccine and/or a cure. This has to be job one.
