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Data released on Thursday showed that job gains reach a record 4.8 million in June. Analysts at RBC point out the question at the moment is about the pace of further improvement give resurgence in virus spread. 

Key Quotes:

“The monthly job gain in June was easily the largest on record, and built on a 2.7 million increase in May. The initial bounce-back in employment has been quicker than feared by most even a month or two ago. But the two-month increase in May/June still only retraced about a third of total losses over March and April.”

“Other measures of economic activity have also strengthened in June, not enough to prevent an unprecedented decline in economic activity in Q2, but also clearly suggesting that the end of the quarter was a lot less bad than the beginning. The bigger question at the moment remains how much the June improvement in economic numbers can be sustained given the resurgence in virus spread in some regions.