Economics
U.S. Job-Growth Optimism Tempered by Stall in States’ Reopenings
- Payrolls rise above-forecast 4.8 million, jobless rate falls
- Unemployment claims remain elevated as virus cases jump
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The U.S. labor market made greater progress than expected last month digging out of a deep hole, yet optimism over the rebound was tempered by stubbornly high layoffs and a resurgent coronavirus outbreak across the country.
Thursday’s simultaneous release of the monthly employment report and the weekly jobless claims data offered diverging snapshots of the economy: One reflecting a flurry of rehiring -- particularly at restaurants and retailers -- as state economies reopened. The other reflecting a jump in new virus cases, which has led many of those same states to halt or even walk back reopening plans.