Thursday July 2nd 2020
It seems to be picking up again as quickly as the corona crisis in the US labor market declined. Surprisingly many new jobs are created in June – the unemployment rate drops significantly. But there is a catch.
The unemployment rate in the United States has fallen more than expected in the midst of the corona virus crisis. According to the U.S. Department of Labor, 4.8 million people were hired within a month. Experts had expected just under 3 million. The unemployment rate had jumped to 14.7 percent in the wake of the corona virus pandemic. In May it then dropped to 13.3 percent – and now to 11.1 percent.
However, the data were already collected in mid-June. After that, the number of coronavirus infections rose again sharply. This could slow the upswing on the labor market again. US hourly wages fell 1.2 percent from the previous month to $ 29.37. Economists had only expected a minus of 0.8 percent. Compared to the previous year, wages were 5.0 percent higher.
However, many people are still losing their jobs due to the Corona crisis. Last week, just under 1.43 million people registered as unemployed, the Ministry of Labor said in a second statement. According to the US currency keeper Mary Daly, the country is still far from normal: It assumes that the unemployment rate will still be in double digits towards the end of the year.
The corona virus pandemic plunged the United States into a severe economic crisis. There have been signs of an economic recovery in recent weeks. At the same time, the number of corona infections is increasing rapidly again. The record number of almost 53,000 new infections was last registered within 24 hours. To date, approximately 2.7 million corona infections and more than 128,000 deaths have been reported in the United States. These are by far the highest numbers worldwide.
In recent weeks, despite restrictions from experts, restrictions on curbing the virus have gradually been relaxed. US President Donald Trump wants to get back to normal as quickly as possible in order to get the economy going again before the presidential election in November.