June 2020 Economic Report

by Zac Reinke

The June 2020 Economic Report continues to cover the catastrophic economic impact of COVID-19. However, after a record-breaking 4.8 million jobs were added over the month, there’s hope that the economy will rebound more quickly than expected.

The information for this report was developed using data from the U.S. Bureau of Labor Statistics, U.S. Census Bureau, Yahoo Finance, and FedPrimeRate.com. Below the report, check out the Amtec Tip of the Month about how we can help you find a meaningful career.

June 2020 Economic Report

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Additional Information

If you’re unable to view our June 2020 Economic Report or would like additional information, read below:

COVID-19: The changes in these measures reflect the effects of the coronavirus pandemic and efforts to contain it. The household survey response rate, at 65%, was about 18% lower than in months prior to the pandemic. The collection rate for the establishment survey was 63%, lower than collection rates prior to the pandemic.

  • The unemployment rate declined by 2.2% to 11.1% in June. The number of unemployed persons fell by 3.2 million to 17.8 million.
  • Total employment increased by 4.8 million in June after rising by 2.5 million in May. This is the largest recorded one-month gain in U.S. history; breaking last month’s record.
  • Leisure and Hospitality added 2.1 million jobs.
  • Retail Trade added 740,000 jobs.
  • Education and Health Services added 568,000 jobs.
  • Other services added 357,000 jobs.
  • Manufacturing added 356,000 jobs.
  • Professional and Business Services added 306,000 jobs.
  • Construction added 158,000 jobs.
  • Transportation and Warehousing added 99,000 jobs.
  • Wholesale Trade added 68,000 jobs.
  • The government added 33,000 jobs.
  • Financial Activities added 32,000 jobs.
  • Information added 9,000 jobs.
  • Utilities lost 3,200 jobs.
  • Mining and Logging lost 10,000 jobs.
  • Average hourly earnings for all employees dropped by 35¢ to $29.37. This decrease is largely due to job gains among lower-paid workers.

Note: Data below represents changes from different months.

  • Job openings dropped 16.1% in April to 5 million openings.
  • Dow Jones rose 1.8% in June with a high of 27,580.21 points.
  • Housing starts rose by 4.3% to 974,000 in May.
  • Consumer price index dropped 0.1% in May.
  • Federal prime rate remained at 3.25% in June after dropping from 4.25% in March.
  • Retail inventories dropped 3.7% in April to $644 billion.
  • Manufacturing hours worked per week rose 1.3% to an average of 39.2 hours in June.
  • Manufacturing new orders rose by 8% to $412 billion in May.

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