US Unemployment Declines to 13.3% after Economy Adds 2.5mn Jobs in May

The US unemployment rate shapely declined to 13.3% in May after the economic activities resumed and 2.5 million jobs returned to work, the U.S. Bureau of Labor Statistics reported on June 5. 

Labor market has improved from the loss of 20.7 million jobs in April when unemployment hit 14.7% as businesses had been curtailed during the coronavirus (Covid-19) lockdown in order to contain the pandemic. 

The surprise number was the monthly record gain in new job since the Bureau of Labor Statistics started compiling the data in 1939. The number of unemployment fell by 2.1 million to 21 million.

“In May, employment rose sharply in leisure and hospitality, construction, education and health services, and retail trade. By contrast, employment in government continued to decline sharply.” said the report.

Service sector regained 2.27 million workers, which about 1.2 million positions have been returned to hotels and related businesses.  

President Donald Trump said that this statistic was proof the US economy was on the road to recovery. “This is better than a V,”. “This is a rocket ship.” he added. Otherwise, the unemployment rate remains still record high.