While the #JobsReport data during the #pandemic has shown itself to be highly unpredictable and #volatile, the remarkable gain of 4.8 million #jobs in June is a heartening development.
Today’s data suggested that the #labor #markets continue the process of carving out a bottom, as June’s #unemployment rate dropped to 11.1% from a peak of just less than 15% in April.
Those regions of the #economy that witnessed the greatest #job losses are now bouncing back strongly, but it is also clear that leisure, travel, energy, etc., have a very uncertain path forward today, despite seeing significant bounce-backs in near-term data.
Finally, the stimulus and resulting impact on household #incomes are much, much more predictable, and in fact have had an incredibly positive influence on the #economy…
Zero #interest rates, massive asset purchases by the @federalreserve and more than $2 trillion of #fiscal stimulus has supported an extremely high personal #saving rate, which will be critical in supporting households as the recovery unfolds.
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