Job Report Reveals Some Optimism

But Still A Long Way To Go

By Don Bryant   7-03-2020

WASHINGTON—U.S. employers added 4.8 million workers to payrolls last month with unemployment dropping down to 11.1%, according to the Bureau of Labor Statistics.

 

But the 4.8 million jobs added last month does not equate to the 20.5 million jobs that were lost in April, and Federal Reserve officials remain on the fence.

 

Minutes obtained from the Federal Reserve’s recent meeting highlighted some caution with officials stating there were “extraordinary uncertainty and considerable risks to the economic outlook" from the coronavirus pandemic, and that the U.S. economy might need support “for some time.”

 

Officials discussed a substantial likelihood of additional waves of outbreaks, which in some scenarios, “could result in further economic disruptions and possibly a protracted period of reduced economic activity,” the minutes said.

But according to financial analyst and CNBC host,

Jim Cramer, “There’s an optimism in the country that

I think often is not shared with people who are on air,

and that’s only because we don’t see the hiring.

But people are hiring,”

Cramer believes the June Labor report underscores

that optimism.

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