Economy beats expectations with 850,000 jobs in June, unemployment at 5.9%

[mystery-ak]

Economy beats expectations with 850,000 jobs in June, unemployment at 5.9%
by Zachary Halaschak, Economics Reporter |
 | July 02, 2021 08:31 AM

The economy rebounded and added 850,000 new jobs in June, a welcome result after two months of disappointing growth.

The unemployment rate slightly increased to 5.9%, the Bureau of Labor Statistics reported Friday.

The numbers exceeded expectations, with the consensus among economists being that 700,000 jobs would be added, and unemployment would drop from 5.8% to 5.7%.

Employment in the leisure and hospitality industry grew 343,000, another strong showing, as pandemic-related restrictions continued to ease across the country. More than half of those job gains were in restaurants and bars as vaccinations grow.

more
https://www.washingtonexaminer.com/news/economy-beats-expectations-850000-jobs-june-unemployment-5-9-percent

[Elderberry]

First-time jobless claims fall near pre-pandemic levels

Houston Chronicle 7/1/2021

https://www.houstonchronicle.com/business/economy/article/First-time-jobless-claims-fall-near-pre-pandemic-16287582.php

First-time claims for unemployment benefits fell to near pre-pandemic levels in Texas and across the country as the economic recovery continues to advance.

In Texas, first-time claims fell by nearly 5,000 to fewer than 19,000 last week, compared with about 14,000 during the same week in 2019, the Labor Department said Thursday. Nationally, initial applications for unemployment benefits fell by more than 50,000 to 364,000, the lowest level since March 14, 2020, when they were at 256,000.

The steady decline in first-time claims shows that layoffs are dwindling as the job market kicks into a higher gear. Continuing claims for benefits remain elevated at nearly 15 million, according to Mark Hamrick, senior economic analyst at the personal finance website Bankrate.

“The more challenging issue now is the pace of hiring, which appears to be particularly difficult in the leisure and hospitality sector, including bars and restaurants,” he said.

Hiring has proceeded more slowly than expected, with many business owners, particularly in leisure and hospitality, complaining of labor shortages as customers return in droves after being trapped at home for more than a year. In more than two dozen states, including Texas, officials have ended supplemental federal unemployment benefits some two months before the programs expire with the aim of spurring more people to take jobs.

[skeeter]

How many of those jobs went to American citizens?

[Wingnut]

This news is more reason to keep giving away the extra 300 bucks in UE bennies. 

Said no one with a brain