05 June 2020

US employment data - Big upside surprise, still awful

2 min read

 
Melanie Baker
Melanie Baker

Senior Economist

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Melanie Baker, senior economist at Royal London Asset Management comments on today’s (5 June) US employment data.

“Today’s data were a welcome upside surprise, however ongoing policy support is still very much needed, as US unemployment rate remains high and payrolls are still a long way below pre-crisis levels.

“As the US economy has started to reopen, people are being re-hired. Not all of these jobs will come back though and it is likely to take a lot longer for the unemployment rate to fall back than it took to spike up.”