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BREAKING:
JUNE PAYROLLS BEAT EXPECTATIONS. 4.8 MILLION vs. 3.2 MILLION EXPECTED
Unemployment rate falls to 11.1% from 13.3%
Futures now up 1.2% pre-market https://www.bloomberg.com/news/articles/2020-07-01/asian-stock-futures-climb-nasdaq-hits-record-markets-wrap?srnd=premium&sref=vuYGislZ
JUNE PAYROLLS BEAT EXPECTATIONS. 4.8 MILLION vs. 3.2 MILLION EXPECTED
Unemployment rate falls to 11.1% from 13.3%
Futures now up 1.2% pre-market https://www.bloomberg.com/news/articles/2020-07-01/asian-stock-futures-climb-nasdaq-hits-record-markets-wrap?srnd=premium&sref=vuYGislZ
Once again, however, we see that while the number of unemployed fell in June (red line) the number of unemployed workers whose job losses are characterized as permanent (white line) continues to rise
Here's just the permanent job losses on its own scale. You can see, this is real, sustained damage setting us back years
On a monthly basis, this was actually the worst month yet for new permanent job losses. Nearly 600K
Read the full story from @readep on today's report. https://www.bloomberg.com/news/articles/2020-07-02/u-s-june-jobs-rise-above-forecast-4-8-million-claims-elevated?sref=vuYGislZ
Meanwhile, initial jobless claims continue to come down, but at an extremely unimpressive pace, given how elevated they are
Anyway, overall picture. Good that we're on net creating jobs. Situation is still extremely depressed.
As I wrote about this morning, THE big economic question now is what happens with fiscal support at the end of July. https://twitter.com/TheStalwart/status/1278646061914095617
As I wrote about this morning, THE big economic question now is what happens with fiscal support at the end of July. https://twitter.com/TheStalwart/status/1278646061914095617
Laundry services added 260,000 jobs in the month. Good sign that people are going back to work.
Another way of framing the permanent job losses. https://twitter.com/aRishisays/status/1278673070304059392
Here's the model chart I made after last month's report. And here's how it's looking in reality.
Good chart from Jed https://twitter.com/JedKolko/status/1278671320834686976
