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ThinkWhy® Advises U.S. Businesses on Labor Market Conditions Following June Jobs ReportThinkWhy, a SaaS (News - Alert) company helping businesses navigate the labor market, has released its U.S. monthly jobs report for June 2020. According to the Bureau of Labor Statistics (BLS), the U.S. economy gained 4.8 million jobs in June, surpassing the record of 2.7 million jobs added in May. The combined 7.5 million jobs added in May and June 2020 represent more than the 40-month total leading up to the impact of COVID-19. As reported monthly through the BLS, the U.S. unemployment rate for June fell to 11.1 percent. June's strong growth was boosted by U.S. businesses reopening to various levels based on state and local policies, however, the pace and sustainability of the recovery is being threatened by a rise in COVID-19 counts across the nation. "Job growth hit another record and continued to benefit from states reopening in June. The numbers provide a level of optimism for the economic recovery, but rising COVID-19 counts are threatening the pace and sustainability of the rebound," said Jay Denton, SVP, Business Intelligence and Chief Innovation Officer at ThinkWhy. Labor Market Performance:
In addition, total non-farm payroll average hourly earnings increased by 5.0% year-over-year ending in June. On a year-over-year comparison, the reduction of many low wage jobs contributed to the strong wage growth. Combined with six consecutive weeks of generally decelerating total unemployment insurance claims, these are indications the U.S. is seeing signs of recovery. The question now is whether it can be sustained. Some states are pausing the lift of restrictions, or even tightening them in some cases. If the trend continues, the rebound in job growth would likely stall and elongate the road back to the pre-pandemic employment level.
Why It Matters: Key Takeaways from the June Employment Report
As businesses navigate recovery and plan for growth, they can:
Industry Movement:
To read the full report, click here. ThinkWhy continuously monitors and forecasts labor data at all levels, measuring impact to MSAs, industries and businesses across the country, to support organizations and provide answers during the recovery phases. LaborIQ® by ThinkWhy® is a proprietary U.S. labor market reporting platform that also provides salary answers for over 19,000 jobs, customizable by metro, industry, education, experience and skills. For additional information on LaborIQ, please visit ThinkWhy.com.
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