The Democrats were counting on 8 million more jobs lost not a gain of 2.5 million. Americans want to work. If only the Democrat authoritarians will let us.
Good news for Americans means bad news for Democrats, the party of misery.
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Unemployment rate drops to 13.3% in May, signaling return of US jobs
Economists surveyed by Refinitiv expected the report to show that unemployment rose to 19.8 percent in May
By Megan Henney, FOX Business
Labor secretary on coronavirus recovery: US has opportunity to return ‘millions’ of jobs in next few weeks
Labor Secretary Eugene Scalia on jobless claims numbers, extending the Payroll Protection Program and reopening the US amid coronavirus.
The U.S. unemployment rate unexpectedly dropped to 13.3 percent in May, down from a record high in April, indicating the nation’s economy is recovering faster than expected from the coronavirus lockdown.
The Labor Department said in its Friday report that employers added a stunning 2.5 million jobs in May — the biggest increase on record. The economy shed a combined 22.1 million jobs in April and March, meaning there are an estimated 21 million Americans currently out of work.
Stocks in this Article
Economists surveyed by Refinitiv expected the report, conducted in mid-May, to show that unemployment rose to 19.8 percent in May and that employers shed 8 million jobs. If the expectation had been accurate, it would have been the worst figure since the Great Depression.
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“Barring a second surge of Covid-19, the overall U.S. economy may have turned a corner, as evidenced by the surprise job gains today, even though it still remains to be seen exactly what the new normal will look like,” said Tony Bedikian, head of global markets at Citizens Bank.
The jobless rate dropped from 14.7 percent in April, which was the highest level ever since record-keeping began in 1948. The surprise decline, combined with the surge in jobs, suggests the worst is over for the nation’s economy as states ease stay-at-home guidelines and businesses bring back staff.
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