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US employment data - Big upside surprise, still awful

5th June 2020

Melanie Baker, Senior Economist

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.”

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