U.S. Jobs Report Smashes Expectations in June

Non-farm payrolls south of the border soared by 4.8 million in June. The U.S. Labor Department's monthly report also said the unemployment rate fell to 11.1% as Americans continued their reopening from the coronavirus pandemic.

Economists had been expecting a 2.9-million increase and a jobless rate of 12.4%. The report was released a day earlier than usual due to the July Fourth holiday.

The jobs growth marked a big leap from the 2.7 million in May, which was revised up by 190,000. The June total is easily the largest single-month gain in U.S. history.

The numbers capture the move by all 50 states to get activity moving again after the virus seized up much of the U.S., particularly service-related industries.

Wall Street reacted positively to the report, with futures indicating a more than 400-point gain at the open.

However, because the government survey comes from the middle of the month, it does not account for the suspension or rollbacks in regions hit by a resurgence in coronavirus cases.