U.S. Adds 850,000 Jobs In June, Showing Effect Of Biden Stimulus Law
The United States added 850,000 new jobs in June, according to new data the Labor Department released Friday. The number is even bigger than Wall Street’s expectations of 700,000 jobs.
Two frustrating months in April and May of low employment growth led the Biden administration to be hammered by Republicans over its policies and the stimulus law enacted in March, the American Rescue Plan.
“Things are picking up. All that employer demand is turning into jobs and higher wages for many workers,” said Nick Bunker, economic research director from Indeed. “This pace of progress is solid, and it looks like things can get even better.”
The report will likely alleviate some pressure on the Biden administration over the slow labor market recovery seen in the previous two months.
Many Republicans blamed Biden’s generous federal unemployment benefits, which have provided a $300 per week top-up of state insurance benefits. Some governors and lawmakers have claimed that over-generously benefits have disincentivized workers from reentering the job market.