Even as the viral outbreak worsens and with unemployment at Depression-era levels, Thursday's U.S. jobs report could show that hiring in June reached the highest monthly total on record - 3 million.
tracked by Homebase, a provider of time-tracking software for small businesses. Nationally, the number of hours worked at Homebase’s clients has leveled off after having risen sharply in May and early June. And business re-openings have flattened. The economic bounce produced by the initial lifting of shutdown orders may have run its course.
In May, 4.9 million people were counted as working when they should have been counted as unemployed. Had these people been properly classified, the unemployment rate would have been reported as 16.4%, not 13.3%. But with many consumers still reluctant to dine out, travel, shop or congregate in groups, more business closures are becoming permanent. In May, the number of people who said their jobs were gone for good rose nearly 300,000 from April. If that figure keeps growing as the pandemic surges back, the job market and the economy would take longer to recover.Since the recession began in February, it has struck Black and Hispanic Americans harder than the overall U.S. population.
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