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Rapid growth in the US economy adds 4.8M jobs in June

Rapid growth in the US economy adds 4.8M jobs in June

July 3, 2020:  Trump addressed on Thursday and said the US economy is roaring to bounce back and, the growth in employment in the month of May and June has been tremendous. The company is going to see the highest job opportunity added 4.8M jobs in the month of June.

According to the CBO, the GDP growth expected for the second half of the year is 12.4% and expects the economy to pre-pandemic level by 2022. The unemployment rate is going to drop in the second half of the year as the output increases. The jobs added in the month of June were 4.8M, bringing down the unemployment rate from 14% to 11%. We would see a further increase in job opportunities soon.

More than 70% of the workers were in temporary layoffs and were called back in June while 2.9 million permanently lost their job in the month of June. The unemployment rate drastically increasing from the last three months. A total of 48M people filing for unemployment. Last week we could see a total filing of 1.4M continues to reduce from the previous week of 1.5M.

In the month of February, it was reported a 50-year low unemployment rate to 3.5% currently, the country is trying to overcome the shortest recession in history.

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