U.S. economy gains 4.8 million jobs, unemployment rate falls to 11.1 percent

U.S. economy gains 4.8 million jobs, unemployment rate falls to 11.1 percent

The U.S. economy gained a whopping 4.8 million jobs in the month of June, bringing the unemployment rate to 11.1 percent and roundly beating economist expectations, NBC News reports.

The June data, released Thursday by the Bureau of Labor Statistics — one day early, in deference to the July Fourth holiday — reflects a labor market that is slowly healing from the devastating effects of the coronavirus pandemic.

Economists had expected an increase of 3 million new jobs and an unemployment rate of 12.3 percent — though a large element of uncertainty prevailed, after May's surprise gain of 2.5 million jobs, when economists had predicted a loss of as much as 8 million positions.

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