- Title: Record job growth powers Wall St, Nasdaq hits all-time high
- Date: 2nd July 2020
- Summary: ROCKVILLE, MARYLAND, UNITED STATES (JULY 2, 2020) (REUTERS VIA ZOOM) (SOUNDBITE) (English) CONFERENCE BOARD, SENIOR LABOR MARKETS ECONOMIST, ELIZABETH CROFOOT, SAYING: "We have the expiration of the unemployment... expansion of the unemployment insurance benefits that is coming up at the end of this month. So, workers are getting an additional $600 a week on top of their... of their state's regular level of unemployment benefits. So, some workers, especially in sectors that are impacted by social distancing, so restaurant workers and others, they're potentially getting double the amount of pay that they would have otherwise gotten if they were working. So, once that support expires, it's really going to change the incentives to go back to work."
- Embargoed: 16th July 2020 15:17
- Keywords: COVID-19 coronavirus employment hiring jobs outdoor dining restaurants staff unemployment work
- Location: NEW YORK, NEW YORK, + ROCKVILLE MARYLAND, UNITED STATES
- City: NEW YORK, NEW YORK, + ROCKVILLE MARYLAND, UNITED STATES
- Country: USA
- Topics: Economic Events
- Reuters ID: LVA006CL4CNYF
- Aspect Ratio: 16:9
- Story Text:Wall Street opened higher on Thursday (July 2), with the Nasdaq hitting an all-time high as data showed the U.S. economy added jobs at a record pace in June, the latest signal of a rebound in business activity following the easing of coronavirus-led lockdowns.
Nonfarm payrolls rose by 4.8 million jobs in June, the Labor Department's closely watched monthly employment data showed, the most since the government began keeping records in 1939, although a recent surge in COVID-19 cases has threatened the fledgling recovery.
(Production: Aleksandra Michalska)
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