June jobs report: +4.8 million jobs, Unemployment drops to 11.1%

[GoodLife]

The Labor Department said in its report, released on Thursday because of the Fourth of July holiday, that employers added 4.8 million jobs in June — the biggest increase on record. Unemployment dropped to 11.1% Economists surveyed by Refinitiv expected the report, to show that unemployment dropped to 12.3 percent and that employers added 3 million jobs.

Unemployment rate drops to 11.1% in June as job growth blows past expectations with 4.8M added | Fox Business (https://www.foxbusiness.com/economy/june-jobs-report-2020-coronavirus)

So we're headed in the right direction, exceeded expectations, but I am sure there will be "experts" telling us why this is not actually good news. :icon_wink:

[Stu from NYC]

Most of the media will just ignore the news

[Taltarzac725]

And some of these are because of the re-opening of the United States but the statistics for the spread of the Corona Virus today should also be taken into account.

[Michael Charles]

So, I wonder how many if not all those "new" jobs are simply people just going back to the jobs they were either laid off or furloughed from? I'm almost certain that not many businesses were created during last 90 days either but what do I know? No one I know that was laid off has found a "new" job.

[GoodLife]

So, I wonder how many if not all those "new" jobs are simply people just going back to the jobs they were either laid off or furloughed from? I'm almost certain that not many businesses were created during last 90 days either but what do I know? No one I know that was laid off has found a "new" job.

Pretty sure it's mostly people going back to work, but that's a good sign the economy will recover.

[Lottoguy]

Saw this job report mentioned on EVERY CHANNEL.

[Stu from NYC]

Pretty sure it's mostly people going back to work, but that's a good sign the economy will recover.

People who were laid off and now going back to work is certainly a good thing.

Lets hope it continues.

[Two Bills]

.......and many companies have discovered they need a lot less people to operate efficiently, so a lot of workers wont be back!

[Gulfcoast]

I'm just glad that there are jobs for them to go back to. Things are going in the right direction and hopefully we will resist the urge to shoot ourselves in the foot.

[J1ceasar]

Of course most are re hires, but to the economy itself it doesn't matter . the better numbers to understand our situation are total employed, total on unemployment, total seeking jobs. As some give up.
By the way, I predict unemployment at. 5-6% by elections.

[Dana1963]

Unfortunately NO JOBS were created employees previously laid off were recalled. Along with that report 1.5 million people applied for unemployment. It is great that the US is starting to recover. Florida Texas Arizona and California along with 20 other states are seeing an alarming rise in infections. We can not use the Villages as an example of recovery daily we are seeing infections that we did not see in the initial wave.
We still have 15 million unemployed greater than the last recession now receive extended weekly benefits thru July 31 which will expire.

[coconutmama]

So, I wonder how many if not all those "new" jobs are simply people just going back to the jobs they were either laid off or furloughed from? I'm almost certain that not many businesses were created during last 90 days either but what do I know? No one I know that was laid off has found a "new" job.

Totally agree.

[rlcooper70]

Those numbers are not accurate at all ... there is massive undercounting currently.

The economy is in deep trouble and too many small businesses will never open again .... good that the Fed is keeping the markets from collapse but for how long can that continue?

[GoodLife]

Those numbers are not accurate at all ... there is massive undercounting currently.

The economy is in deep trouble and too many small businesses will never open again .... good that the Fed is keeping the markets from collapse but for how long can that continue?

Massive undercounting? You mean there's more jobs? :)

The economy is recovering, we're not in deep trouble, and small businesses that went under will be replaced by other small businesses as they always do. Do you think this pandemic has permanently altered the fact that people tend to buy things?

[Stu from NYC]

Headline from CNN

ONLY 4.8 MILLION JOBS CREATED

Now back to the real world

That is 4.8 million people who will have money in their pocket and be able to spend their earnings, Hopefully this will continue and get us back where we need to be.

[Kathi71]

No new job creation. Just people going back to work and getting off the unemployment rolls. Good for them and the economy.

[Stu from NYC]

No new job creation. Just people going back to work and getting off the unemployment rolls. Good for them and the economy.

Think we are arguing over semantics

[newgirl]

0 jobs have been created, those are the people that were made to go back to work at the jobs they had before only for less hours and money. How can anyone believe the junk they put out there , without thinking the reality prior ? So much crazy today ...

[Stu from NYC]

0 jobs have been created, those are the people that were made to go back to work at the jobs they had before only for less hours and money. How can anyone believe the junk they put out there , without thinking the reality prior ? So much crazy today ...

So businesses reopening and trying to survive and calling their people back and letting them be productive members of society is not a good thing?

Seriously?

[GoodLife]

No new job creation. Just people going back to work and getting off the unemployment rolls. Good for them and the economy.

When jobs are lost, for any reason...a recession, a global pandemic etc, they are reported as jobs lost.

When jobs are gained, for any reason including rising economy, back to work after pandemic etc they count as jobs gained.

[Stu from NYC]

When jobs are lost, for any reason...a recession, a global pandemic etc, they are reported as jobs lost.

When jobs are gained, for any reason including rising economy, back to work after pandemic etc they count as jobs gained.

Now you have done it confusing people with the facts:duck:

[retiredguy123]

Those numbers are not accurate at all ... there is massive undercounting currently.

The economy is in deep trouble and too many small businesses will never open again .... good that the Fed is keeping the markets from collapse but for how long can that continue?
I am beginning to think that the economy and the stock market have very little to do with the success or failure of small businesses. Otherwise, why is the stock market continuing to do well? Small businesses have been destroyed by the pandemic and the stock market continues to roll along. I suspect that the stock market is mostly affected by what happens to the large corporations.

[roscoguy]

Headline from CNN

ONLY 4.8 MILLION JOBS CREATED
That's weird, I can find no such headline. Could this be another alternate fact or intentional misquote?

[Stu from NYC]

That's weird, I can find no such headline. Could this be another alternate fact or intentional misquote?

Not sure if you are being sarcastic but think you know what I was saying

[tvbound]

I am beginning to think that the economy and the stock market have very little to do with the success or failure of small businesses. Otherwise, why is the stock market continuing to do well? Small businesses have been destroyed by the pandemic and the stock market continues to roll along. I suspect that the stock market is mostly affected by what happens to the large corporations.

You are correct in that small businesses are not typically included in the 3 primary US stock markets, because they are simply too small to issue stocks and thus be publicly traded.

Dow Jones vs. NASDAQ vs. S&P 500: The Differences | PrimeXBT (/blog/dow-jones-vs-nasdaq-vs-sp500/)

Dow Jones Industrial Average (DOW) - Measures the performance of 30 of the largest companies listed on stock exchanges across the United States

NASDAQ - A United States-based stock market index consisting of 100 of the largest tech companies listed on the Nasdaq stock exchange.

S&P 500 - Tracks the price of the stocks for 500 companies, of which the makeup changes often.


As for why the markets seem to be doing much better than what would seem reasonable, that's a really good question. Especially since the financial strength of large companies depends so much on the viability of small businesses, which makes up most of US companies and is the driver of our economy, of which about 70% depends on consumer spending.

It won't be surprising, unfortunately, if reality sets in soon and all of the markets start reflecting what is actually happening with small businesses.

[Stu from NYC]

You are correct in that small businesses are not typically included in the 3 primary US stock markets, because they are simply too small to issue stocks and thus be publicly traded.

Dow Jones vs. NASDAQ vs. S&P 500: The Differences | PrimeXBT (/blog/dow-jones-vs-nasdaq-vs-sp500/)

Dow Jones Industrial Average (DOW) - Measures the performance of 30 of the largest companies listed on stock exchanges across the United States

NASDAQ - A United States-based stock market index consisting of 100 of the largest tech companies listed on the Nasdaq stock exchange.

S&P 500 - Tracks the price of the stocks for 500 companies, of which the makeup changes often.


As for why the markets seem to be doing much better than what would seem reasonable, that's a really good question. Especially since the financial strength of large companies depends so much on the viability of small businesses, which makes up most of US companies and is the driver of our economy, of which about 70% depends on consumer spending.

It won't be surprising, unfortunately, if reality sets in soon and all of the markets start reflecting what is actually happening with small businesses.

As people are getting called back to work one would hope that small business will have seen the bottom of the market and will start to rebound.

At least that is my thinking for whatever it is worth.

Lets keep our fingers crossed the increase in new cases does not lead to shutdowns.