BUSINESS REPORT

US economy creates 4.8 million new jobs even as layoffs continue

BY Rhonda Schaffler, Correspondent |

The U.S. economy created 4.8 million jobs in June. It’s the most jobs ever created in a single month, and followed big gains in May. But economists say there will be some negative impact as states roll back their reopenings due to an increase in COVID-19 cases.

While that report was positive, we also learned Thursday that another 1.4 million Americans filed for first-time unemployment benefits. Layoffs are still going on in parts of the economy, even as new jobs are created elsewhere. In New Jersey, another 28,000 residents filed for initial jobless claims in the latest week.

Small businesses have another opportunity to apply for loans under the Paycheck Protection Program. Congress extended the program this week.