U.S Gains 2.5 Million Jobs

By Staff Writer June 08, 2020 273
President Trump participates in the ceremonial swearing in of Labor Secretary Eugene Scalia in the Oval Office President Trump participates in the ceremonial swearing in of Labor Secretary Eugene Scalia in the Oval Office

May’s job report was much more positive than expectations, according to the U.S. Labor Department.

Employment increased by 2.5 million, and the unemployment rate dropped to 13.3 percent from 14.7 in April, the Conference Board reported.

U.S. Secretary of Labor Eugene Scalia cited the reopening of the economy coming earlier than expected as one reason for the bump.

“(The June 5) report shows much higher job creation and lower unemployment than expected, reflecting that the re-opening of the economy in May was earlier, and more robust, than projected,” Scalia stated. “Millions of Americans are still out of work, and the Department remains focused on bringing Americans safely back to work and helping states deliver unemployment benefits to those who need them. However, it appears the worst of the coronavirus’s impact on the nation’s job markets is behind us.”

The Conference Board, a nonprofit think tank, reported the unemployment rate does not fully reflect the size of the labor market slack, as many workers experienced a significant cut in weekly hours, and many of those who lost jobs have left the labor market altogether.

The increase in employment was across most industries, with the most notable exception being the government. The number of jobs in government dropped by 585,000 in May after a 963,000 drop in April. The decline in tax revenue in state and local governments is forcing them to shed workers.

Rate this item
(1 Vote)
Last modified on Monday, 08 June 2020 14:32

Trending News

FCA: Sales Rebound in May, June

FCA: Sales Rebound in May, June

Jul 02, 2020 Rate: 5.00

New-Car Prices Jump

New-Car Prices Jump

Jul 02, 2020 Rate: 5.00

Hyundai Retail Tops Fleet

Hyundai Retail Tops Fleet

Jul 02, 2020 Rate: 0.00