Jobs

The S&P 500 ended trading with a weekly gain of 4%

The layoffs are part of a previously announced plan to to reduce the workforce by 10 percent

The US unemployment rate dropped to 11.1 percent in June.

The changes are part of a massive $1.5 trillion infrastructure bill.

The U.S. aviation sector received a $32 billion bailout to cover its payrolls.

Nonfarm payrolls added 4.8 million workers in June, pushing the unemployment rate down to 11.1 percent, according to the Labor Department.

Last week the president took an important step to help Americans who have been put out of work by the coronavirus.

The figures marked the second consecutive month of growth in the millions, indicating a continued improvement in the nation's stressed labor market as business activity resumed. The unemployment rate dropped to 11.1 percent, down from 13.3 percent in May. 

The leisure and hospitality sector added the most positions last month -- more than 2 million -- according to data released Thursday by the Department of Labor.

President Trump, riding high on 4.8 million jobs added to the economy and unemployment that fell to 11.1 percent -- both better than expectations -- said the apparent recovery "is the result of historic actions" his administration took, in conjunction with Congress.