The June jobs report showed a lower unemployment rate for the second consecutive month. Non-farm payrolls grew by 4.8 million, with two-fifths of the additional jobs in leisure and hospitality. The unemployment rate, which rose from 3.5% in February to 14.7% in April, fell to 11.1% in June. This report was directionally very positive, but unemployment is still high. Of the 8.3 million people who dropped out of the labor force between February and April, largely as a result of losing their jobs during the lockdowns, about 3.1 million have rejoined the labor force, either seeking employment or have been rehired. Although solid progress has been made, it is likely that the pace of recovery will slow considerably, as COVID cases increase and states’ reopening plans are put on pause.
Asset Class Performance
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