And whatever ground has been recaptured to this point is now being imperiled by a resurgence of COVID-19 cases throughout the South and West. Despite a solid rebound in employment, the job market remains badly damaged, both by mandatory lockdowns and the reluctance of people to again visit restaurants, theaters or to travel freely, at least until a vaccine or an effective treatment for the virus is available.
The JOLTS report provides gross totals of hiring and layoffs, while the monthly jobs report, which also includes the unemployment rate, is a net figure of total jobs gained or lost.
On Thursday, the jobs report showed that employers added a net total of 4.8 million jobs in June, after a gain of 2.7 million in May. Even those huge net gains recaptured only one-third of jobs lost in March and April. The unemployment rate is 11.1%, down from its April and May levels but otherwise higher than at any time since the Depression.
Employers advertised 5.4 million jobs in May, about 10% higher than in April, but still below pre-pandemic levels of about 7 million.