- US employers added 2.5M jobs in May
- Unemployment rate fell to 13.3%
Here’s a welcome surprise…unemployment rates in the US fell to 13.3% in May from 14.7% in April as businesses began to re-open from coronavirus lockdowns in various states.
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President Trump was doing handstands when he learned of this news from the Bureau of Labor Statistics. Trump said, “Now we’re opening and we’re opening with a bang. This is a rocket ship.”
Wall Street swallowed the 13.3% unemployment news with a huge Cheshire cat grin. The Dow Jones Industrial Average jumped 715 points (+2.7%) and the S&P 500 was up +2%.
The racial divide is glaringly apparent in these latest unemployment figures for May:
(Remember to use the US average of 13.3% for comparison)
- LatinX – 17.6% in May from 18.9% in April
- African American – 16.8% in May from 16.7% in April
- Asian American – 15% in May from 14.5% in April
- Caucasian American – 12.4% in May from 14.2% in April
The Labor Department modified its figures in March and April by revising them upwards than initially reported.
Daniel Zhao, senior economist with Glassdoor, reacted to May’s good-news unemployment report by saying, “Although today’s report feels like a relief for many, it’s important to remember the labor market still faces an unemployment rate at the highest level since the Great Depression with tens of million of Americans still out of work. While the labor market may be on the path to recovery, there is still a long way to go until the labor market returns to pre-crisis levels and makes up for lost growth.”
Take a look at some of the job sectors that are beginning to bounce back:
- Leisure and Hospitality – 50% jobs lost in April to 41% (7M) jobs lost in May since January
- Mining and Logging – 9% jobs lost in April to 11.2% (80,000) jobs lost in May since January
- Information Services – 9.9% jobs lost in April to 10.1% (316,000) jobs lost in May since January
- Trade, Transportation and Utilities – 11% jobs lost in April to 10.7% (3M) jobs lost in May since January
- Professional and Business Services – 10% jobs lost in April to 9.9% (2.1M) jobs lost in May since January
- Education and Health Services – 10.1% jobs lost in April to 9.3% (2.3M) jobs lost in May since January
- Manufacturing – 10% jobs lost in April to 8.9% (1.1M) jobs lost in May since January
- Construction – 10.3% jobs lost in April to 7.2% (550,000) jobs lost in May since January
- Financial Activities – 2.8% jobs lost in April to 2.6% (227,000) jobs lost in May since January
- Other Services – 22% jobs lost in April to 18.3% (1.1M) jobs lost in May since January
Meanwhile, state and local governments cut an additional 575,000 jobs in May after cutting more than 900,000 jobs in April.
Thanks to the US Labor Department, the Bureau of Labor Statistics and National Public Radio.