The Details: June 2020 Jobs Report
The June Jobs Report from the Bureau of Labor Statistics shows that 4.8 million jobs were created last month, primarily from employers hiring back those who were let go in the early days of the pandemic. However, that single number glosses over the finer details that show that the overall economy is still hurting – and will for a long time. More important, the report does not encompass the past three weeks during which coronavirus cases have reached record levels.
- Only about 30% of jobs that were lost due to the pandemic have been regained. As of June 2020, the economy still has 15 million fewer jobs than pre-coronavirus. (NPR, BLS)
- From May to June, the unemployment rate for Black women fell from 16.5% to 14% and for Hispanic women from 19% to 15.3%. These are still much higher than the overall employment rate of 11.1%. (NPR, BLS)
- In June, 7.5 million people became newly unemployed despite the overall job gain in June. (NPR, BLS)
Impact on Partnerships
That last statistic deserves extra attention. While the initial wave of unemployment was reactive, these latest job losses come after deliberate assessment by companies that are finally getting a handle on the pandemic’s impact. In other words, those jobs are not likely to return. No longer playing catch up, companies are finding ways to incorporate the pandemic into longer-term strategies. This includes CSR strategies, which have weathered the pandemic better than anticipated. This is good news if you are seeking a new or renewed partnership.