June 2020 Economic Recap
States across the U.S. set multiple single day records for new COVID-19 cases this past month. Driven by primarily Southern and Southwestern states, it has forced legislatures to act. Florida has closed bars, while Texas has paused plans to reopen in an attempt to slow the spread. New York, New Jersey, and Connecticut have placed a 14-day quarantine requirement on all residents and visitors entering the tri-state area from states who have recently experienced a spike.
June’s employment report indicated that the unemployment rate fell for the second consecutive month, after spiking upon the onset of COVID-19. The economy added 4.8 million jobs in June, largely re-hiring of furloughed workers, and the unemployment rate fell to 11.1%. Alternative data sources indicated that hiring slowed over the back-half of June, after the June survey was completed. As such, expectations for July’s numbers have weakened.
For a deeper consideration of the economic data released during June, please follow the links below: