Exceptional Employment

Net job gains in June were an eyepopping 4.8 million, up from 2.7 million in May! The corrected unemployment rate is down to a still painfully high 12.1% from 16.3% last month. However, new Covid-19 cases are skyrocketing and at 50,000/day are squeezing restaurants/hotels/bars/gyms/retail and workers relying on public transit. Schools must open in the fall for labor markets to keep improving. To sustain momentum, more fiscal help is critical.