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Record jobs gain of 4.8 million in June smashes expectations; unemployment rate falls to 11.1%

Record jobs gain of 4.8 million in June smashes expectations; unemployment rate falls to 11.1% | 02 July 2020 | Nonfarm payrolls soared by 4.8 million in June and the unemployment rate fell to 11.1% as the U.S. continued its reopening from the coronavirus pandemic, the Labor Department said Thursday. Economists surveyed by Dow Jones had been expecting a 2.9 million increase and a jobless rate of 12.4%. The report was released a day earlier than usual due to the July Fourth holiday. The jobs growth marked a big leap from the 2.7 million in May, which was revised up by 190,000. The June total is easily the largest single-month gain in U.S. history.