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US labour market unexpectedly improves in May | Malay Mail

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WASHINGTON, June 5 ― 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. The Labor Department’s closely...

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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