WASHINGTON: The US economy unexpectedly added jobs in May after suffering record losses in the prior month, offering the clearest signal yet that the downturn triggered by the COVID-19 pandemic was probably over, though the road to recovery could be long.
Economic conditions have significantly improved as businesses reopened after shuttering in mid-March to slow the spread of COVID-19.Nonfarm payrolls rose by 2.5 million jobs last month after a record plunge of 20.7 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.
The effect of massive stimulus. Which most countries don't have luxury to have.
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