U.S. Economy Adds Nearly 5 Million Jobs
The U.S. Bureau of Labor Statistics just posted job creation figures for June, and the results were stunning.
4.8 million jobs were created in the U.S. in June. Nearly all of those jobs were in the private sector, as only 33,000 government jobs were created. Economists were expecting a total of about 3 million new jobs.
The biggest gainer was leisure and hospitality, with over 2 million jobs created. Next came the retail sector, with nearly 740,000 jobs added. 475,000 jobs were created in the health care/social assistance sector, and 356,000 manufacturing jobs were added.
Employment figures for May 2020, which up until now had been the strongest month for U.S. jobs ever, were revised higher, to 2.7 million from 2.5 million.
Will jobs continue to rebound at this breakneck pace? Confidence is a necessary ingredient for job creation, and that's a major concern right now.
That's because Friday's figures track job gains that occurred prior to an explosion of coronavirus infections in late June. On July 1st, the U.S. reported over 52,000 new infections in one day. It was the first time the 50,000 figure had been breached.
On the positive side, on Wednesday it was announced that a promising vaccine was under development. A joint venture between Pfizer and BioNTech showed positive results in early testing. The promise of a vaccine would boost confidence across the board, and put the end of the pandemic in sight.