Unemployment Rate Drops To 13% Surpassing Forecast
The Bureau of Labor Statistics reported numbers for the month of May and they were better than experts had predicted. 2.5 million non-farm workers went back to work between April and May. The numbers add up to an effective unemployment rate of 13.3%. Economists had called for another 1.5 million job losses.
President Trump is tweeting about the numbers and announced a 9:00 AM CT press conference to talk about the jobs report.
It comes after dire predictions that put unemployment numbers at up to 27% at the height of the COVID-19 response.
In the report issued this morning, researchers say major growth in industries that were hardest-hit by the COVID-19 outbreak in our country. Travel and leisure spending came to a standstill as well as the construction sector.
These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it. In May, employment rose sharply in leisure and hospitality, construction, education and health services, and retail trade.
You can read the full unemployment by clicking here.