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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

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.

2 mins ago - World

Ukraine president to Biden: "There are no minor incursions"

Photo: Doug Mills-Pool/Getty Images

Ukrainian President Volodymyr Zelensky responded on Thursday to President Biden's suggestion that a "minor incursion" by Russia may not draw the same response as a large invasion, which some in Kyiv saw as inviting Russian aggression.

What he's saying: "We want to remind the great powers that there are no minor incursions and small nations. Just as there are no minor casualties and little grief from the loss of loved ones. I say this as the President of a great power," Zelensky tweeted.

13 mins ago - Health

The drugs pushing prescription prices down for Medicare patients

Illustration: Annelise Capossela/Axios

Although net prices of brand-name drugs have increased significantly over the last decade, the savings produced by generics have actually driven average prescription prices down in Medicare's pharmacy benefit and Medicaid, according to a new analysis by the Congressional Budget Office.

Why it matters: The analysis reiterates that the generic market is largely working as intended.

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