“US economy adds 2.5 million jobs in May, unemployment falls to 13.3%”
June 5, 2020 | 8:41am | Updated June 5, 2020 | 8:49am
The nation’s unemployment rate dropped to 13.3 percent thanks to “a limited resumption of economic activity that had been curtailed” because of the pandemic, the Bureau of Labor Statistics said in its monthly jobs report.
That marked an improvement from the record 14.7 percent unemployment seen in April and defied expectations for the virus-related job losses to worsen. Economists predicted a 19.8 percent unemployment rate and 8 million lost jobs.
Some parts of the country have allowed businesses to reopen that had closed to control the spread of the deadly virus. Other parts of the economy also hinted at recovery in May, with consumer confidence and manufacturing activity both improving.
But it remains uncertain how fast the destroyed jobs will come back as applications for unemployment benefits continue to pile up. More than 21 million people were claiming in the week ending May 23, federal data showed Thursday.
With Post wires