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4.8 million jobs added in June; Biggest increase on record

TMA Media July 2, 2020
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The U.S. unemployment rate dropped to 11.1 percent in June as businesses shuttered by the coronavirus pandemic earlier this year rehired millions of idled workers, Fox Business reported Thursday.

The Labor Department said in its report, released on Thursday because of the Fourth of July holiday, that employers added 4.8 million jobs in June — the biggest increase on record. Economists surveyed by Refinitiv expected the report to show that unemployment dropped to 12.3 percent and that employers added 3 million jobs.

May’s figure was revised up by 130,000 for the addition of 2.7 million jobs last month. Still, the nation’s jobless rate is up 7.6 percentage points compared to the start of the year, when it sat at a half-century low. There are 12 million more out-of-work Americans than compared to February.

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