- The better than expected pace of job creation (+4.8m vs. +3m cons.) brought the unemployment rate back to 11.1%. Employment gains were particularly strong in sectors that reopened as restrictions were lifted. However, data collection took place before the new outburst of COVID in several states.
- Higher frequency indicators like weekly jobless claims and daily mobility point to a slowdown in job creation. Recent evidence of another wave of cases in several large states points to downside risk.