The U.S. economy brought back 4.8 million jobs in June and the unemployment rate declined to 11.1 percent, reflecting continued resumption of economic activity, according to the Bureau of Labor Statistics.
“U.S. employment data surprised on the upside in June for the second month running,” commented Rupert Thompson, CIO at Kingswood Holdings.
The return of 4.8 million jobs in June, following the addition of 2.7 million jobs in May, goes some distance toward putting people back to work following the devastating job losses of 20.8 million in April and 1.4 million in March.
“Even after the 7.5 million rise in the last couple of months, employment still remains 14.7 million lower than back in February,” added Thompson.
Thompson also noted: “These numbers are the latest in a string of recent economic releases to show the U.S. economy is bouncing back quicker than expected. While undo
