Unemployment unexpectedly dips
by Rachel Lynn Aldrich
Posted 6/05/20, 02:04 pm
A new report on joblessness offered hope the United States has seen the worst of the economic blows from the coronavirus shutdowns. Unemployment fell to 13.3 percent in May from 14.7 percent in April, according to a U.S. Department of Labor report released on Friday.
Is this a fluke or a sign that things are picking up? The improvement in unemployment came alongside an equally encouraging May jobs report. Defying economist’s predictions, U.S. employers added 2.5 million jobs last month. The report suggests thousands of businesses moved quickly to reopen and begin hiring as states lifted coronavirus-related restrictions. The number of new applications for unemployment benefits also has declined for nine straight weeks.
Dig deeper: Read Katie Gaultney’s report on how the pandemic may change the grocery industry permanently.
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