US economy gained 4.8 million jobs in June smashes expectations; unemployment rate falls to 11.1% as America roars back
America is back! With all the bad news about coronavirus, for the first time in the history of this great country, the nonfarm payrolls jumped by 4.8 million in June and the unemployment rate fell to 11.1% as the U.S. This is the biggest job growth on record, according to report from the Department of Labor.
Economists surveyed by Dow Jones had been expecting a 2.9 million increase and a jobless rate of 12.4%. The report was released a day earlier than usual due to the July Fourth U.S. holiday.
The jobs growth marked a big leap from the 2.7 million in May, which was revised up by 190,000. The June total is easily the largest single-month gain in U.S. history.