First, the good news: In June, the unemployment rate dropped to 11.1 percent in June (down from 14.7 in April and 13.3 in May). Total nonfarm payroll employment increased by 4.8 million. In the next weeks, I will probably write a more detailed blogpost on the current state of the U.S. labor market. In the meantime, here is the full report from the Bureau of Labor Statistics:
The bad news is that the number of Covid-19 cases is rising quite fast in some states (in particular, Texas, Florida, and California). The Coronavirus Resource Center at the John Hopkins University provides useful data and maps:
The Fed published its minutes of its last meeting on June 9-10, 2020. In particular, the members of the Federal Open Market Committee discussed how to use forward guidance in the coming months and years to communicate how and when interest rates will rise and asset purchasing programs reduced:
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