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New Jobs Data Expected to Show Gains, but Worries Continue: Live Updates U.S. Added Nearly 5 Million Jobs in June: Live Business Updates
(32 minutes later)
Thursday will bring a double dose of data about the coronavirus pandemic’s impact on American jobs. But the numbers are arriving just as new clouds seems to be gathering. U.S. payrolls grew by 4.8 million in June, the Labor Department said Thursday. It was the second month of gains after a loss of more than 20 million in April, when the pandemic put a large swath of economic activity on ice.
The Labor Department’s employment report for June, to be released at 8:30 a.m. Eastern, is expected to show that the economy added three million jobs last month, according to an average of forecasts compiled by the data provider FactSet. The unemployment rate was 11.1 percent.
That would be the second straight monthly gain after a catastrophic loss of more than 20 million jobs in April, when the pandemic put much economic activity on ice. But the survey was compiled in mid-June, before coronavirus cases began to spike in Arizona, Florida and several other states.
But the survey was compiled in mid-June, before coronavirus cases began to surge in Arizona, Florida and several other states. More timely data that the Labor Department will also release Thursday morning is expected to show that 1.3 million workers filed new claims for state unemployment benefits last week, according to FactSet. More timely data, also released by the Labor Department on Thursday morning, showed that 1.4 million Americans filed new claims for state unemployment benefits last week, and more than 800,000 filed for benefits under the federal Pandemic Unemployment Assistance program.
Economists fear that layoffs could accelerate now that California, Texas and other states have begun ordering some businesses to close again. Economists fear that layoffs could accelerate now that California, Texas and other states have begun ordering some businesses to close anew.
“The virus drives the economics,” said Betsey Stevenson, a member of the Council of Economic Advisers under former President Barack Obama who is now at the University of Michigan. If cases continue to rise as health officials warn, she said, “we’re not going to have people going back to work. In fact, we’re going to see more people staying home.” — Ben Casselman and Nelson D. Schwartz“The virus drives the economics,” said Betsey Stevenson, a member of the Council of Economic Advisers under former President Barack Obama who is now at the University of Michigan. If cases continue to rise as health officials warn, she said, “we’re not going to have people going back to work. In fact, we’re going to see more people staying home.” — Ben Casselman and Nelson D. Schwartz
U.S. stock futures followed global markets higher on Thursday as investors awaited jobs data from the United States and were cheered by some positive news on the coronavirus vaccine front. Wall Street was poised for a gain on Thursday, following global stocks higher and extending this week’s rally to a fourth day, as new data showed that hiring in June was stronger than expected.
Futures markets predicted Wall Street would rise nearly 1 percent when trading starts. Major European indexes were 1 to 2 percent higher, after Asian indexes ended the trading session on a positive note. Futures markets predicted the S&P 500 would rise more than 1 percent when trading starts, putting it on track to rise more than 4 percent so far this week. Major European indexes were 1 to 2 percent higher, after Asian indexes ended the trading session on a positive note.
Other markets were more mixed. Oil prices were rising, but the 10-year U.S. Treasury note was slightly higher, suggesting that investors are still seeking safe bets. Gold was slightly higher. Oil prices also rose, with the American benchmark crossing above $40 a barrel.
The U.S. government is expected to announce on Thursday that employers added as many as three million workers to payrolls in June, continuing an upswing that started in May as the American economy started coming out of lockdown. But coronavirus cases are spiking in the United States, with a daily record in reported cases on Wednesday. As state governments order restaurants and bars to pull back from reopening plans, data suggest a dampening in the rehiring trend. The U.S. government said on Thursday that employers added nearly 5 million workers to payrolls in June, continuing an upswing that started in May as the American economy started coming out of lockdown. Economists had expected a gain of about 3 million.
Investors were continuing to pay attention to an announcement on Wednesday by Pfizer and Germany’s BioNTech, which found in preliminary test data that a coronavirus vaccine had shown potential and was found to be well tolerated in early human trials. Around the world, 19 vaccines are in human trials. But coronavirus cases are spiking in the United States, with a daily record in reported cases on Wednesday. As state governments order restaurants and bars to pull back from reopening plans, data suggest a dampening in the rehiring trend.
When Alexandria Preston had to leave her job as a medical assistant to care for her two children during the pandemic, she didn’t encounter endless delays like so many others trying to get unemployment benefits.When Alexandria Preston had to leave her job as a medical assistant to care for her two children during the pandemic, she didn’t encounter endless delays like so many others trying to get unemployment benefits.
But three weeks later, the payments stopped coming. Then her account was canceled. Her claim had been flagged with the date 9/9/9999 — an indication that it was being reviewed for identity fraud, a vexing problem for a strained unemployment system that has delayed payments to hundreds of thousands of jobless people.But three weeks later, the payments stopped coming. Then her account was canceled. Her claim had been flagged with the date 9/9/9999 — an indication that it was being reviewed for identity fraud, a vexing problem for a strained unemployment system that has delayed payments to hundreds of thousands of jobless people.
“It was two weeks of not knowing anything and not getting any answers,” said Ms. Preston, who lives in Bangor, Maine.“It was two weeks of not knowing anything and not getting any answers,” said Ms. Preston, who lives in Bangor, Maine.
More than 40 million workers have filed for unemployment benefits since the early days of the coronavirus pandemic — over seven times as many requests as all of 2019. And the volume of claims has been convenient cover for identity thieves filing bogus applications that could cost billions of dollars.More than 40 million workers have filed for unemployment benefits since the early days of the coronavirus pandemic — over seven times as many requests as all of 2019. And the volume of claims has been convenient cover for identity thieves filing bogus applications that could cost billions of dollars.
“Fraudsters have been able to hide in the flood of data,” said Pam Dixon, executive director of the World Privacy Forum, a public interest research group. “It is a perfect storm of identity fraud. Anyone who has experienced a major breach in the past three or four years could fall victim to this.” — Tara Siegel Bernard“Fraudsters have been able to hide in the flood of data,” said Pam Dixon, executive director of the World Privacy Forum, a public interest research group. “It is a perfect storm of identity fraud. Anyone who has experienced a major breach in the past three or four years could fall victim to this.” — Tara Siegel Bernard
As the country reopens, you might start seeing more real-time heat maps that could find sick people, before they know they are sick. And in a post-quarantine world, you might start having your temperature taken. A lot.As the country reopens, you might start seeing more real-time heat maps that could find sick people, before they know they are sick. And in a post-quarantine world, you might start having your temperature taken. A lot.
A fever is one indicator that someone may be exhibiting coronavirus symptoms, and the Centers for Disease Control and Prevention recommends temperature screenings in a variety of environments, including schools and businesses.A fever is one indicator that someone may be exhibiting coronavirus symptoms, and the Centers for Disease Control and Prevention recommends temperature screenings in a variety of environments, including schools and businesses.
As shelter-in-place restrictions vary across many cities and counties around the country, officials have begun buying technology like infrared cameras in the hopes of helping track and contain the spread of the outbreak.As shelter-in-place restrictions vary across many cities and counties around the country, officials have begun buying technology like infrared cameras in the hopes of helping track and contain the spread of the outbreak.
When the pandemic took hold, Jonah M. Kessel, a video journalist at The New York Times started seeing more and more companies like Amazon using this technology to help identify sick people in their warehouses. Thermal imaging cameras are beginning to appear in Subway restaurants. Carnival Cruise Lines, whose ships became hot spots for the virus’s spread, said all passengers and crew would be screened when it began sailing again.When the pandemic took hold, Jonah M. Kessel, a video journalist at The New York Times started seeing more and more companies like Amazon using this technology to help identify sick people in their warehouses. Thermal imaging cameras are beginning to appear in Subway restaurants. Carnival Cruise Lines, whose ships became hot spots for the virus’s spread, said all passengers and crew would be screened when it began sailing again.
The rapid adoption of infrared technology had him wondering how helpful it could be. With a temperature-reading infrared camera, he hit the streets of Maplewood, N.J., last week, wanting to understand where the camera succeeds and where the challenges are in capturing accurate temperature readings. — Jonah M. KesselThe rapid adoption of infrared technology had him wondering how helpful it could be. With a temperature-reading infrared camera, he hit the streets of Maplewood, N.J., last week, wanting to understand where the camera succeeds and where the challenges are in capturing accurate temperature readings. — Jonah M. Kessel
McDonald’s is pausing its plans to resume dine-in service at thousands of locations across the United States amid a surge in coronavirus infections.McDonald’s is pausing its plans to resume dine-in service at thousands of locations across the United States amid a surge in coronavirus infections.
The pause, announced on Wednesday, will last for three weeks. Dining rooms are already open at about 2,200 McDonald’s restaurants, of about 14,000 locations nationwide, and may remain open if local rules allow, the company said in a note to U.S. franchisees and employees.The pause, announced on Wednesday, will last for three weeks. Dining rooms are already open at about 2,200 McDonald’s restaurants, of about 14,000 locations nationwide, and may remain open if local rules allow, the company said in a note to U.S. franchisees and employees.
“This surge shows nobody is exempt from this virus — even places that previously had very few cases,” McDonald’s president, Joe Erlinger, and Mark Salebra, the head of a group representing several thousand franchisees, wrote in the letter. “Moving forward, we will continue to monitor the situation and adjust as needed to protect the safety of our employees and customers.”“This surge shows nobody is exempt from this virus — even places that previously had very few cases,” McDonald’s president, Joe Erlinger, and Mark Salebra, the head of a group representing several thousand franchisees, wrote in the letter. “Moving forward, we will continue to monitor the situation and adjust as needed to protect the safety of our employees and customers.”
The pair said that given the surge in cases, all McDonald’s restaurants should continue to follow safety precautions employed throughout the pandemic, including wellness and temperature checks, the use of masks and gloves, thorough cleaning, enforcing social distancing and contactless service where possible.The pair said that given the surge in cases, all McDonald’s restaurants should continue to follow safety precautions employed throughout the pandemic, including wellness and temperature checks, the use of masks and gloves, thorough cleaning, enforcing social distancing and contactless service where possible.
Many states, including New Jersey, and cities, such as New York, do not allow indoor dining at restaurants. McDonald’s deferred to its franchisees, who own 95 percent of all locations, on the decision to reopen dine-in service if local rules allow. — Niraj ChokshiMany states, including New Jersey, and cities, such as New York, do not allow indoor dining at restaurants. McDonald’s deferred to its franchisees, who own 95 percent of all locations, on the decision to reopen dine-in service if local rules allow. — Niraj Chokshi
Apple said it would close 30 more of its stores in seven states, including California, Georgia and Nevada, adding to the 16 stores already closed around the country. Apple has 271 stores in the United States.Apple said it would close 30 more of its stores in seven states, including California, Georgia and Nevada, adding to the 16 stores already closed around the country. Apple has 271 stores in the United States.
Reporting was contributed by Ben Casselman, Nelson D. Schwartz, Tara Siegel Bernard, Jonah M. Kessel, Matt Phillips, Mohammed Hadi, Niraj Chokshi and Jack Nicas.Reporting was contributed by Ben Casselman, Nelson D. Schwartz, Tara Siegel Bernard, Jonah M. Kessel, Matt Phillips, Mohammed Hadi, Niraj Chokshi and Jack Nicas.