The Great American Comeback Is Underway – May Sees Biggest Jobs Increase Ever
May Sees Biggest Jobs Increase Ever of 2.5 Million as Economy Starts to Recover from Coronavirus
- Nonfarm payrolls rose by 2.5 million in May and the unemployment rate fell to 13.3%.
- Wall Street estimates had been for a decline of 8.3 million and a jobless level of 19.5%, which would have been the worst since the Great Depression era.
- Much of the gain came from those classified as temporary layoffs due to the coronavirus-related economic shutdown.
- Leisure and hospitality represented almost half the jobs gained.
Jeff Cox with CNBC reports:
“Employment stunningly rose by 2.5 million in May and the jobless rate declined to 13.3%, according to data Friday from the Labor Department that was far better than economists had been expecting and indicated that an economic turnaround could be close at hand,” Jeff Cox reports.
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