The U.S. economy added 4.8 million jobs in June, says a new report from the Bureau of Labor Statistics. That brought our national unemployment rate down to 11.1% and beat all economists’ expectations amid the U.S. recovery.
To add a little bit of context, those additions weren’t actually “new” jobs.
Millions of Americans were going back to work as states reopened last month. Most of them were going back to their old jobs, which dropped them off the roles of the unemployed.
That means this report isn’t actually much to get excited about as far as the U.S. recovery. It’s mostly just a return to the old “normal.”
And that normal might not hold.
The United States reported 49,932 new cases of COVID-19 yesterday. That’s a new high and the fifth single-day new high over eight days.
This pandemic is nowhere near over . . . at least not in the U.S.
A number of states are already rolling back their plans to reopen because of the spike in new illnesses. That means there’s a very good chance will see unemployment spike in June.
I hate to rain on anyone’s parade, but this doesn’t mean the tide is turning in the U.S. recovery or the Covid-19 crisis.
That means you still need to take steps to protect yourself. Both in terms of your health and your finances.
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COVID-19 Could Stop Wars
The United Nations Security Council unanimously passed a resolution yesterday demanding an immediate halt to hostilities in conflict zones. The resolution says that all parties to armed conflicts should call a 90-day halt to hostilities to allow for humanitarian assistance to be delivered and evacuation of COVD-19 patients. It remains to be seen how effective the resolution will be.
Paycheck Protection Program Extended
Congress has extended the Paycheck Protection Program that allows small businesses to take low-interest loans from the government through Aug. 8. While the program has come under fire for a lack of transparency about what businesses are getting loans, the program has made hundreds of millions of dollars available to keep paychecks rolling to aid the U.S. recovery. Its extension is a solid step towards shoring up the economy.
Pennsylvania Mandates Masks
Pennsylvania Gov. Tom Wolf has ordered that masks are now mandatory in all public spaces throughout the state. There are some exceptions for eating and drinking and for people with medical conditions. Masks have been required all along, but they could previously be removed when you entered a business. The new order clarifies that masks must be worn at all times once anyone leaves home in the state, which will be a boon for mask manufacturers.
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The Coronavirus Numbers
Here are the numbers from Thursday at 7:11 a.m. ET:
- 10,834,202 Infected worldwide
- 519,582 Global deaths
- 2,780,152 Infected in the U.S.
- 130,798 Deaths in the U.S.
It’s safe to say there’s a lot of uncertainty right now about the Covid-19 crisis the U.S. recovery.
With infections spiking and states rolling back their plans to reopen, all we can do right now is wait and see what happens. That’s not great news, but it’s the new “normal.”
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Yours in Health & Wealth,