Dow surges 400 points after US adds way more jobs than expected in June
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The release reveals healthy hiring activity taking place amid ongoing economic-reopening efforts. However, the report's data doesn't cover recent weeks in which coronavirus case counts soared across several states. The virus's resurgence has some experts fearing a second bout of economic pain. "High-frequency data suggests that the labor market strength had started to wane later in the month, perhaps as households and businesses grew increasingly cautious about the rise in infection rates," said Seema Shah, chief strategist at Principal Global Investors.
She added:"Indeed, now, with the closings having been reversed or paused across 40% of the US, July's job report may paint a much weaker story."
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