BREAKING NEWS: Employment figures unexpectedly rise by 2.5 million in May as jobless rate declines to 13.3% – after economists predicted it would reach 20%
Employment figures unexpectedly rose by 2.5 million in May and the jobless rate declined to 13.3 percent, according to a stunning jobs report that showed the country’s unemployment rate dropped during the COVID-19 pandemic.
Economists had been predicting that the Labor Department report on Friday would reveal the unemployment rate had increased to a record 20 percent and about eight million jobs had been lost.
Instead, the Labor Department’s closely watched monthly employment report showed the jobless rate dropped to 13.3 percent last month from 14.7 percent in April.
Nonfarm payrolls rose by 2.5 million jobs after a record plunge of 20.6 million in April.
President Donald Trump immediately took credit for the rise in jobs just moments after the report was released, tweeting: ‘Really Big Jobs Report. Great going President Trump (kidding but true)!’
The Labor Department’s closely watched monthly employment report on Friday showed the jobless rate dropped to 13.3 percent last month from 14.7 percent in April. Nonfarm payrolls rose by 2.5 million jobs after a record plunge of 20.6 million in April
President Donald Trump immediately took credit for the rise in jobs, tweeting: ‘Really Big Jobs Report. Great going President Trump (kidding but true)!’
The overall job cuts have widened economic disparities that have disproportionately hurt minorities and lower-educated workers.
Though the unemployment rate for white Americans was 12.4 percent in May, it was 17.6 percent for Hispanics and 16.8 percent for African-Americans.
The latest figures are a surprisingly positive reading in the midst of a recession that has paralyzed the economy in the wake of the coronavirus pandemic.
The May job gain suggests that businesses have quickly been recalling workers as states have reopened their economies following weeks long lockdowns.
Other evidence has also shown that the job market meltdown triggered by the coronavirus has bottomed out.
The number of people filing new claims for unemployment benefits has declined for nine straight weeks, according to weekly job numbers released on Thursday.