Last week, the Bureau of Labor Statistics released an updated report of economic activity that showed promising signs for job growth with a few caveats. During the COVID-19 pandemic, we’ve been closely monitoring the results from previous months along with updated CDC guidelines and local and state plans to reopen as the year progresses.
On the surface, the recent jobs report shows promise. Unemployment dipped lower to 11.1% from 13.3% in May. The BLS reported 4.8 million jobs were added to the economy during June, beating initial expectations. Original estimates called for 3 million jobs to be added back to the economy, bringing unemployment down to 12.5%. This is the second month in a row that the job rate overperformed estimates, showing initial signs of promise for an economic recovery, even as newly unemployed workers reached 1.4 million people.
A long road to recovery ahead
News of the recovery is encouraging, but there is still a long way for the job market to progress before we near pre-COVID-19 levels of employment. As Business Insider reports, while 7.5 jobs have been added back to the economy in the past two months, at least 15 million more jobs need to