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Fri Jun 4, 2021, 08:34 AM

U.S. economy adds 559,000 jobs in May, as the recovery shows signs of strength [View all]

Source: Washington Post

The U.S. economy added 559,000 jobs in May, the latest sign of a strengthening recovery as vaccinations rise and covid restrictions ease nationwide. The unemployment rate dropped slightly from 6.1 percent to 5.8 percent, according to the monthly report, from the Bureau of Labor Statistics. The gains were driven strongly by jobs added at restaurants, bars and other food service establishments, which added 186,000 workers in the month.



The categories of amusements, gambling and recreation, as well as hotels and accommodations also saw strong gains in May, adding 58,000 and 35,000 jobs respectively. Those sectors have been the subject of intense focus of whether a shortage of workers or other pandemic related issues have been holding back growth. Wages continued to rise, a reflection of what many employers say is a surprisingly tight jobs market, increasing an average of 15 cents per hour to $30.33 after an increase of 21 cents in April.

Economists and analysts have been forecasting robust months of growth in the labor market for the spring, as vaccine distribution spreads, weather warms, and coronavirus caseloads continue to fall. The strong May report comes on the heels of a disappointing month in April, when the economy added what federal statisticians initially tallied as 266,000 jobs, and later revised upward slightly to 278,000.

The country still has more than seven and a half million less people employed than it did in February 2020, and needs to regain those jobs at an accelerated rate to make a full recovery by sometime next year.

Read more: https://www.washingtonpost.com/business/2021/06/04/jobs-report-may-unemployment-shortage/



Short article (so far) - EDIT now updated.

Original article -

The U.S. economy added 559,000 jobs in May, the latest sign of a strengthening recovery as vaccinations rise and covid restrictions ease nationwide. The unemployment rate dropped slightly from 6.1 percent to 5.8 percent.

The report comes on the heels of a disappointing month of gains in April, when the economy added just 266,000 jobs.

The country still has more than seven million less people employed than it did in February 2020, and needs to regain those jobs at an accelerated rate to make a full recovery by sometime next year.

Economists and analysts have been forecasting robust months of growth in the labor market for the spring, as vaccine distribution spreads, weather warms, and coronavirus caseloads continue to fall.



TGIF and DU's dedicated analysts should be along shortly with all the data dives that one could hope for!

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