"This is an eye-popping headline number," Martha Gimbel, an economist at Schmidt Futures, told Business Insider. However, the unemployment rate is still higher than it ever reached in the Great Recession, she added.
While a step in the right direction, the May report is only one month of data — the US will have to wait for June nonfarm payrolls to see if this is the start of a positive trend. And, even though the May report marks an improvement from the wreckage seen in April, it still paints a picture of a struggling labor market deeply affected by the shock of the coronavirus pandemic.
A broader measure of unemployment, which includes workers who say they want a job but haven't been actively looking for one, and people who are working part-time but want a full-time job, remains above 20%. "As with all the other indicators this month, it is good news to see participation tick up, but there is a very long way still to go," said Eric Winograd, senior economist at AllianceBernstein. Unemployment for white and Hispanic or Latino workers dropped over the last month, while the unemployment rate for black Americans ticked slightly up.black people are always left behind,He continued: "There's more jobs, but they're not the jobs that African Americans have.
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