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US added 4.8 million jobs in June, Unemployment Rate falls to 11.1%

3Jul By AdityaNo Comments

USA

US added 4.8 million jobs in June, Unemployment Rate falls to 11.1%

Washington, Jul 3, 2020 (AP): US employers added a substantial 4.8 million jobs in June, and the unemployment rate fell to 11.1%, as the job market improved for a second straight month, yet still remained far short of regaining the colossal losses it suffered this spring. The nation has now recovered roughly one-third of the 22 million jobs it lost to the pandemic recession, according to the Labor Department's jobs report released on Thursday. And with confirmed coronavirus cases spiking across the Sun Belt states, a range of evidence suggests that a job market recovery may be stalling. In those states and elsewhere, some restaurants, bars and other retailers that had re-opened are being forced to close again. The re-closings are keeping layoffs elevated: The number of Americans w...

US Consumer borrowing up $17.5 billion in April

Consumer borrowing accelerated in April to the fastest pace in five months as a rebound in credit card use offset slower demand for auto and student loans. Borrowing increased by USD 17.5 billion, the Federal Reserve said. That is up from March's USD 11 billion advances and marks the biggest jump since a USD21.7 billion increase last November. Aa per the data by CreditNinja Financing, Borrowing on credit cards increased by USD 7 billion after having fallen by USD 2 billion in March. Borrowing for auto and student loans slowed to an increase of USD10.5 billion, down from USD13 billion in March. It is the smallest advance since last June. Consumer credit is a key indicator of the willingness of households to increase borrowing to support consumer s...

US Shutdown Become Longest in History, Economy Hits Low

The US government shutdown on Saturday became the longest in history and is taking a growing bite out of the world's largest economy with each passing day, economists say. While most of the 21 "lapses" in government spending since 1976 left barely a scratch on economic growth, the length of this shutdown makes it harder to say just how bad the impact could get. "It's not a hard stretch to say that initially it's smaller and then it expands, the pain starts to widen," Beth Ann Bovino, chief US economist at S&P Global Ratings, told AFP. "Think of it as a butterfly effect." With about a quarter of the federal workforce affected, the shutdown is currently squeezing an estimated USD 1.2 billion a week out of the economy, Bovino said, but that figure could grow if it drags on. At th...