US unemployment rate falls to 11.1% with 4.8m workers hired in June – business live

Rolling coverage of the latest economic and financial news, as the latest non-farm payroll beats forecastsLatest: 4.8m jobs restored in JuneWhat the experts say:But initial jobless claims still over 1.4mCoronavirus – latest updatesSee all our coronavirus coverage 2.35pm BST Boom! The New York stock exchange has opened higher, as investors welcome the jump in US employment last month.Stocks are rallying, as Wall Street ignore the jump in Covid-19 cases that is forcing some Independence Day celebrations to be cancelled.BREAKING: Nasdaq Composite hits new all-time high https://t.co/pqji9PpXfP pic.twitter.com/kBL75hdEBy“The fall in the unemployment rate in the US to 11.1% reflects overall an improving, albeit slow, trend in the economy as lockdown continues to gradually lift.However, with a jobless rate still over 10%, the US labour market faces a long road ahead to unravel the colossal damage wrought by the pandemic. Furthermore, these figures may be somewhat deceiving – in some states recovery has stalled because spikes in the virus have surfaced again causing a fresh wave of shutdowns and keeping layoffs elevated. 2.31pm BST Here’s a reminder of the jobs devastation caused by Covid-19: Continue reading…
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