May Jobs Numbers Report Shows Record 2.5 Million Jobs Added, Unemployment Drops to 13.3%
By Fox Business // June 5, 2020
unemployment drops from 19.8% to 13.3%
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(FOX BUSINESS) – 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.
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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