The Unemployment Rate Is Falling, But More People Are Losing Their Jobs Permanently
FiveThirtyEight reports, these days, reading the monthly jobs report can feel like opening a time capsule. According to the data for June, which was released today, the recovery from the COVID-19 recession was still chugging along as of the middle of last month, when the two surveys that form the backbone of the report were conducted. The unemployment rate fell from 13.3 percent in May to 11.1 percent in June, and 4.8 million more people were employed in June than in May.
“Those numbers look promising — but it’s important to remember that they’re just a snapshot of what the economy looked like in mid-June. And a lot has changed since then.”