Strong Jobs Report Spurs Hopes for Rapid Recovery
June 5, 2020
The nation got some good news in today’s jobs report. Employment increased by a record 2.5 million jobs in May, bringing the unemployment rate down to 13.3%.
Economists had expected a grim jobs report, anticipating the country to lose an additional 8.33 million jobs and the unemployment rate to surge to 19.5% from April’s 14.7%.
Instead, May’s numbers show that after suffering the steepest decline in history, the economic rebound may be equally rapid. Leisure and hospitality, which made up the majority of previous job losses, also led the way in new jobs. Many had hoped that the previous layoffs were temporary, a point of view that is bolstered by today’s numbers.