The Good, the Bad and the Ugly from the Latest U.S. Employment Numbers

by Michael Snyder
The Economic Collapse Blog

Is the U.S. economy starting to rebound from the massive downturn that the coronavirus lockdowns caused? Some new employment numbers were released on Thursday, and they were very interesting. Many are boldly declaring that these new numbers are fantastic news for the U.S. economy, but that is greatly oversimplifying matters. So far in 2020, tens of millions of Americans have lost their jobs, and we knew that millions of those jobs would eventually come back as COVID-19 restrictions were lifted. And on Thursday, we received confirmation that millions of those jobs are indeed coming back…

Nonfarm payrolls soared by 4.8 million in June and the unemployment rate fell to 11.1% as the U.S. continued its reopening from the coronavirus pandemic, the Labor Department said Thursday.

Without a doubt, this is good news. But it also appears that the numbers are not entirely accurate, and we will discuss that more in just a bit.

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