• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

2

Meet a 71-year-old who retired as a radiologist and professor, and now runs a banana-skewer business: ‘I never want to retire. Why would you do that?’

3

China suffers another setback in effort to de-dollarize global finance as anchor in the greenback's dominance quietly exits Beijing's payment scheme

1

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

2

Meet a 71-year-old who retired as a radiologist and professor, and now runs a banana-skewer business: ‘I never want to retire. Why would you do that?’

3

China suffers another setback in effort to de-dollarize global finance as anchor in the greenback's dominance quietly exits Beijing's payment scheme
Financeunemployment

U.S. unemployment rate fell in June to 11.1% as employers bring back more workers

By
Lance Lambert
Lance Lambert
Former Real Estate Editor
Down Arrow Button Icon
By
Lance Lambert
Lance Lambert
Former Real Estate Editor
Down Arrow Button Icon
July 2, 2020, 8:54 AM ET
Google source logo
Add Fortune on Google for similar content.

Subscribe to How To Reopen, our weekly newsletter on what it takes to reboot business in the midst of a pandemic.

The unemployment rate dropped from 13.3% in May to 11.1% in June. That’s the second straight month of a pickup in hiring after the jobless rate topped out at 14.7% in April—the highest level since 1940.

The U.S. Bureau of Labor Statistics (BLS) jobs report finds the U.S. economy added 4.8 million jobs in June, following the addition of 2.5 million net jobs in May. Economists projected 3 million jobs would be added in June, so the data is better than expected.

The June jobs numbers also show the economic slump is still hitting some communities harder than others. The jobless rate among white workers is 10.1%, compared with 13.8% for Asian workers, 14.5% for Hispanic workers, and 15.4% among Black workers. Among adult men the rate is 10.2%, compared to 11.2% among adult women.

A second straight month of an improving labor market signals employers are rehiring, and the economy has moved from contraction to recovery. But that rebound is about to be tested by spiking COVID-19 cases in many states and a wave of re-closing orders.

“The real risk now is we start backsliding and start contracting again,” said Mark Zandi, chief economist at Moody’s Analytics. The resurgence of the virus, he says, is already decreasing some economic activity in Texas and Florida.

This official unemployment rate of 11.1% is likely undercounting the actual level of joblessness from June. The BLS defines the unemployed as people without jobs who are also looking for new positions. Some laid-off workers may be waiting it out before starting their job search, given the deadliness of the virus.

About the Author
By Lance LambertFormer Real Estate Editor
Twitter icon

Lance Lambert is a former Fortune editor who contributes to the Fortune Analytics newsletter.

See full bioRight Arrow Button Icon

Latest in Finance


Most Popular

Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

    Latest in Finance


    Most Popular

    © 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
    FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.