The country recovered 4.8 million jobs in June, a massive number that supports evidence of the "V-shaped recovery" that the Trump regime promised. Unfortunately, the evidence doesn't hold up on further inspection.
The US unemployment rate fell to 11.1% as the economy added a record 4.8 million jobs in June, the Bureau of Labor Statistics reported on Thursday.
The data was far better than economists predicted, and the unemployment rate also fell more than expected. It was the second-consecutive month of growth after more than 20 million jobs were wiped out in April during the coronavirus lockdown. The reopening of the economy is easing the burden on America's stressed labor market.
But after two months of rampant growth, the American economy is still down nearly 14.7 million jobs since February. Although the unemployment rate has come down from 14.7% in April, it remains higher than at any point during the Great Recession.
A full job market recovery is far from certain as long as the US economy remains in its current, deep recession, and "with the spread of the virus accelerating again, we expect the recovery from here will be a lot bumpier and job gains to be more muted," said Michael Pearce, senior US economist at Capital Economics, in a note.
America is dealing with a severe joblessness crisis and millions of people are relying on government aid to make ends meet.
The Department of Labor also reported Thursday that 1.4 million workers -- more than expected -- filed for first-time unemployment benefits last week. While the claims data is collected weekly, the survey for the jobs report wraps around the middle of each month.
The number of Americans filing for unemployment at least two weeks in a row rose slightly, to 19.3 million. These numbers do not include claims filed for pandemic unemployment assistance.
For the fourth month in a row, the Labor Department noted that its data collectors misclassified some workers as "employed not at work," when they should have been classified as "unemployed on temporary layoff." If it weren't for that issue, the unemployment rate would have been as high as 12.3% in June.
Senate Republicans have made sure that help for American workers runs out this month and there's still no plans to take up any more stimulus measures. Rent moratoriums and pandemic unemployment insurance end this month as well. Basicall, all federal measures to help Americans through the pandemic have ended or will end in the next couple of weeks.
Americans are on their own again. We're still trapped in a deep recession far worse than 2008, if not a major economic depression on par with 1929. And all indications are that from this point forward, things are going to get substantially worse for America.
We're still in the Trump Depression. It gets bad from here.
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