FAST FIVE: Jobs Report Shock: June Payrolls Soar By Record 4.8 Million, Crushing Expectations As Unemployment Rate Tumbles
Jobs Report Shock: June Payrolls Soar By Record 4.8 Million, Crushing Expectations As Unemployment Rate Tumbles Tyler Durden Thu, 07/02/2020 – 08:37 In our preview of today's job's report, we remarked that the only thing that was certain about the June payrolls number is just how uncertain it was: dropping the top and bottom 10% of payrolls forecasts still leaves a range of 1.65-5.00 million jobs, “an extremely wide band that reflects the multiplicity of shocks hitting US labor markets”, according to Steven Englander.
The change in total nonfarm payroll employment for April was revised down by 100,000, from -20.7 million to -20.8 million, and the change for May was revised up by 190,000, from +2.5 million to +2.7 million.
With these revisions, employment in April and May combined was 90,000 higher than previously reported.
Commenting on the number, the BLS said that “total nonfarm payroll employment rose by 4.8 million in June, and the unemployment rate declined to 11.1 percent.
These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it.