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Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. economy added 4.8 million jobs last month, while the unemployment rate dropped to 11.1% from 13.3% in May, according to government data released Thursday.

The state of play: While the labor market showed more signs of recovery when the government’s survey period ended in early June, the lag means that more recent developments, like the surge in coronavirus cases and resultant closures in some states, aren't captured in this data.

  • The report was released alongside the government's weekly unemployment filings report, which showed that another 1.4 million Americans filed for jobless benefits last week. While that remains below its all-time peak. when the pandemic first hit, it still remains historically high.

The big picture: Over 20 million jobs were lost in the first two months of the pandemic, so the labor market has a very long way to go to reach full recovery.

  • And the unemployment rate remains historically high — far above the half-century low of 3.5% seen in February before the coronavirus pandemic hit.
  • Economists had expected roughly 3 million jobs to be added and the employment rate to decline to 12.5%.

Flashback: Last month's jobs report was far better than expected, with 2.5 million jobs added, reflecting the reopening that had begun around the country.

Go deeper

Dion Rabouin, author of Markets
Oct 9, 2020 - Economy & Business

As job losses continue, doubts are rising about unemployment data

Data: U.S. Department of Labor; Chart: Andrew Witherspoon/Axios

More than 25.5 million people were collecting unemployment benefits as of mid-September, and nearly 1.3 million people filed first-time jobless claims last week — more than 800,000 for traditional unemployment and 464,000 for the Pandemic Unemployment Assistance program.

The state of play: That number excluded any new claims from the largest state in the country, California, which paused its program to implement fraud prevention technology and comb through a backlog of claims that had reached nearly 600,000 and was growing by 10,000 a day.

European Super League faces collapse after English soccer teams quit

Fans of Chelsea Football Club protest the European Super League outside Stamford Bridge soccer stadium in London, England. Photo: Rob Pinney/Getty Images

The European Super League announced in a statement Tuesday night it's "proposing a new competition" and considering the next steps after all six English soccer clubs pulled out of the breakaway tournament.

Why it matters: The announcement that 12 of the richest clubs in England, Spain and Italy would start a new league was met with backlash from fans, soccer stars and politicians. The British government had threatened to pass legislation to stop it from going ahead.

Corporate America finds downside to politics

Illustration: Annelise Capossela/Axios

Corporate America is finding it can get messy when it steps into politics.

Why it matters: Urged on by shareholders, employees and its own company creeds, Big Business is taking increasing stands on controversial political issues during recent months — and now it's beginning to see the fallout.

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