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Sarah Palin will pry your Klondike bar from your cold dead fingers.

calendar   Friday - June 05, 2020

I got your re-opening right here

Ah Trump, you magnificent bastard.

Unemployment “unexpectedly” drops to 13.3% as economy starts up again

Nice try Dems, but you lose. Again.

The unemployment rate fell to 13.3 percent and payrolls unexpectedly rose by 2.5 million workers as the easing of restrictions on business activity and government aid led to new hiring in May.

The U.S. unemployment rate fell below last month’s record-high 14.7 percent, which was the highest on record in data going back to 1948. Economists estimate that the unemployment rate reached 25 percent during the Great Depression, although that predated the scientific economy-wide record keeping the government now deploys.

The job gains mark a sudden turnaround from a month earlier, when the economy shed a staggering 20.5 million jobs, by far the worst monthly decline on records back to 1939.

Economists had expected the unemployment rate to rise to nearly 20 percent and the economy to shed an additional 8 million jobs.

The mandatory closures of many businesses and stay-at-home orders slammed what had been a very healthy labor market hard. The economy added jobs for 113 straight weeks through February, a record streak of growth. The unemployment rate was 3.5 percent in February. And yet job creation was running very hot, with the economy adding an average of 211,000 new jobs each month.

In May, employment in leisure and hospitality jumped by 1.2 million after falling by 7.5 million in April and 743,000 in March. Bars and restaurants hired an additional 1.4 million workers following a combined 6.1 million in job losses in April and March.

Construction employment jumped by 464,000 in May, gaining back almost half of April’s decline.

Dentist offices added 245,000 jobs. Health care employment overall rose by 312,00.

Retail shops added 368,000 jobs in May, after a loss of 2.3 million inApril. Over-the-month job gains occurred in clothing and clothing accessories stores were 95,000. Auto dealers added 85,000. General merchandise stores added 84,000.


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Posted by Drew458   United States  on 06/05/2020 at 12:55 PM   
Filed Under: • Economics •  
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Oh, and here's some kind of visitor flag counter thingy. Hey, all the cool blogs have one, so I should too. The Visitors Online thingy up at the top doesn't count anything, but it looks neat. It had better, since I paid actual money for it.
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