Record jobs gain of 4.8 million in June smashes expectations; unemployment rate falls to 11.1%

- Nonfarm payrolls rose by 4.8 million in June, much better than the expected increase of 2.9 million.
- The unemployment rate fell to a crisis low of 11.1%, also better than the 12.4% estimate.
- Those on temporary layoff fell by 4.8 million in June to 10.6 million after a decrease of 2.7 million in May.