The June jobs report provided a set of market fireworks ahead of the July 4 holiday weekend.
The Bureau of Labor Statistics reported Thursday that the U.S. added 4.8 million non-farm payrolls in June and the unemployment rate fell 2.2 percentage points to 11.1%. The report market the second consecutive month of job gains in the U.S., following a surprise increase in jobs during the May report.
As of early trading, all three indices saw gains with the Dow Jones Industrial Average leading the charge, up over 1.5%.
Leading the sectors adding jobs during the month of June was hospitality and leisure which saw 2.1 million jobs.
“Today’s announcement proves that our economy is roaring back…we’re putting out the flames of the fire,” President Donald Trump said in a press conference following the report.
However, many on Wall Street are concerned about the sustainability of the economic recovery as many states pause reopenings amid rising coronavirus cases. The U.S. saw daily new cases surpass 50,000 for the first time Wednesday, July 1.
And only 34% of jobs lost since the pandemic began have been brought back.
Is this the peak of the economic recovery? Jim Cramer said only time can tell, but it very well could be.
Catch his full take on the jobs report in the video above.
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