A record number of workers were hired in May: Morning Brief

Subscribe” data-reactid=”18″Subscribe

The labor market is in a fragile state.

June jobs report showed a net 4.8 million jobs were added to the economy though the unemployment rate remains elevated at 11.1%.” data-reactid=”21″Last week, the June jobs report showed a net 4.8 million jobs were added to the economy though the unemployment rate remains elevated at 11.1%.

weekly initial jobless claims have been north of 1 million for three months and the spread of COVID-19 has accelerated in recent weeks, threatening the economic progress made in the last few months.” data-reactid=”22″And this comes as weekly initial jobless claims have been north of 1 million for three months and the spread of COVID-19 has accelerated in recent weeks, threatening the economic progress made in the last few months.

On Tuesday, May data on hiring, firing, and job openings during the month showed that while a record number of hires were made in May there are still severe dislocations in the labor market.

released the Job Openings and Labor Turnover Survey — commonly known as the JOLTS report — for May showed there were 6.49 million hires against 4.15 million separations.” data-reactid=”24″The BLS on Tuesday released the Job Openings and Labor Turnover Survey — commonly known as the JOLTS report — for May showed there were 6.49 million hires against 4.15 million separations.

In April, some 9.98 million separations were recorded against just 4.06 million hires. Back in March, separations totaled 14.64 million.

like much of the rest of the economy — has stabilized at worst and improved nicely at best. But there remains a long way between this condition and anything resembling the economic health seen just six or nine months ago.” data-reactid=”26″The situation in the labor market — like much of the rest of the economy — has stabilized at worst and improved nicely at best. But there remains a long way between this condition and anything resembling the economic health seen just six or nine months ago.

“While this is encouraging, the latest jobless claims data suggest that the labor market is still bleeding jobs – with initial claims for unemployment at 2.3 [million] last week (including [Pandemic Unemployment Assistance] claims),” said Lydia Boussour, senior U.S. economist at Oxford Economics.

we’ve written previously, in this crisis investors have grown quite enthused about dynamics in the economy no longer getting worse. But not worse is…