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Unemployment rate drops in May – fitshopee

Hiring resumed in May, with employers creating 559,000 jobs and the unemployment rate falling to 5.8%. Still, encouraging signs for the economy, very robust by ordinary standards, were still below expectations of a one-million-job-per-month boom as Americans get vaccinated, restrictions are lifted and the country is starting to return to normal.

President Joe Biden is expected to make a numbers statement on Friday morning and call for massive bills to fund infrastructure and boost workers.

The Bureau of Labor Statistics said the job gains were particularly noticeable in leisure and hospitality, which added 292,000 jobs, as well as large gains in public and private education, health care and l ‘welfare. These are good signs that people are going out and going back to their previous routines. The unemployment rate fell from 6.1% to 5.8%.

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There were also increases in motion picture production and music recording, adding 14,000 jobs, while employment in information industries rose by 29,000. This is still down by 193,000. Overall, the economy is still down by over 7.5 million jobs.

The labor force participation rate was little changed at 61.6%, ranging from 61.4% to 61.7% since June 2020.

The figure was expected to be closer to 700,000 added jobs, signaling a summer boom, but the recovery appears to be something a little more modest. May’s hiring figures are lower than March, when 785,000 jobs were added. Republicans have taken advantage of the less than expected results to say that improved unemployment benefits, which run until September, are no longer needed and may even prevent people from re-entering the workforce. Republican governors removed these benefits before they expired on September 6.

Some employers have reported difficulties finding workers to fill positions, although a number of factors may be at work.

Average hourly wages rose 15 cents to $ 30.33, after increasing 21 cents in April. With each report, the BLS typically revises the figures for previous months as more data arrives. They did it again with Friday’s report, revising the numbers for March and April with 27,000 more jobs combined.

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