US labour market unexpectedly improves in May | Malay Mail

Pedestrians walk by the Macy’s flagship store after workers cleaned and boarded up damage sustained during a night of violent protests and looting in Midtown, Manhattan on June 2, 2020 in New York City. ― Reuters pic

The Labor Department’s closely watched employment report on Friday also showed the jobless rate falling to 13.3 per cent last month from 14.7 per cent in April, a post World War Two high. It came on the heels of surveys showing consumer confidence, manufacturing and services industries stabilising. Nonfarm payrolls rose by 2.509 million jobs last month after a record plunge of 20.687 million in April. Economists polled by Reuters had forecast the unemployment rate jumping to 19.8 per cent in May and payrolls falling by 8 million jobs.

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