In the News

SPRINGFIELD, Mass. (WWLP) – The Labor Department released the latest jobs report for June which includes the creation of almost 5 million new jobs.

Investment professionals say the recent numbers are a positive trend but there’s still more work to do to get back to where the economy was before the pandemic.

The newest jobs report by the Department of Labor says jobs in the U.S. are rebounding amid the pandemic and unemployment is down to 11 points 1 percent. Mark Teed, senior vice president at Raymond James and Associates told 22News that the upward rise is a welcome surprise for many residents seeking work.

“I think an upward surprise and nobody expects that and it’s really good news, the market took off on that news,” said Teed.

Before the pandemic unemployment was only at 3.5 percent. Congressman Richard Neal spoke about the latest unemployment numbers at a news conference on Thursday.

“Even the jobs report today about 4 million people going back to work. Look we’re all encouraged by that but not to miss the point you’ve also had 40 million Americans who have filed employment insurance claims,” said Neal.

Neal says people can expect to see politicians working on another stimulus package in the next couple of weeks as the CARES Act runs out at the end of the month.

In the next package, the extra $600 for unemployment is likely to be a point of the battle, but Neal is in favor of it. He’s thinking of incentives for people to keep some of the bonus if they went back to work sooner.

Teed added that economic strife is primarily related to the downturn in the travel as a result of Covid-19 travel restrictions.

Teed told 22News, “We estimate that about eight percent of the economy has to do with travel-related stuff. So that’s where it’s really been hit hard so I think the biggest explosion of jobs is going to be in that area.”

The leisure and hospitality industry, one of the hardest-hit areas by the pandemic, added more than two million jobs in June.

Neal says Some of the unused paycheck protection program money could be used for restaurants and hotels which are slowly recovering from the pandemic. Massachusetts releases an unemployment report specific to the state, with a breakdown by sector every week.