The Labor Department reported that nonfarm payrolls rose by 4.8 million in June and that the unemployment rate fell to 11.1%. This is decidedly good news and suggests that the employment recovery from the precipitous COVID-related drop in March and April continues to reverse course. Combined, 7.5 million jobs were generated in May and June, recouping some of the 22.2 million jobs lost in March and April. Said another way, the June level of payrolls was 14.7 million below February’s.
The Labor Department reported that jobs rose by 2.5 million in May, while the jobless rate fell to 13.3%, a surprising outcome given the severity of pandemic-related lockdowns on the economy and other recent less bullish measures of economic performance. The increase in May followed a loss in jobs of 20.7 million in April, which was the largest decline in records dating back to 1939. Analysts had predicted an increase in the employment rate to 19% and a decline of 7.5 million jobs in payrolls.
Even as headlines announce White House and CMS plans to reopen nursing homes, many operators are already planning for a new normal. The COVID-19 pandemic is far from over, and still threatens older adults, but operators will have to find ways to protect residents and staff, facilitate social connection, and restart move-ins, likely while the virus remains at large.
The Labor Department reported that there were a nose-bleedingly high 20.5 million jobs lost in April as the COVID-19 pandemic closed much of the economy and triggered massive layoffs and furloughs of employees by U.S. businesses. This dwarfed the previous record high job loss of 1.96 million jobs in 1945 at the end of WWII and the 8.7 million jobs lost during the entire last recession. Employment is now at its lowest level since February 2011. April’s decline also marked the second monthly decline in jobs after a record 113 consecutive months of job gains.