Trouncing Expectations by 10 Million Jobs, the Labor Market’s Comeback Has Begun

Record jobs gain of 4.8 million in June smashes expectations; unemployment rate falls to 11.1%

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The Bureau of Labor Statistics’ May Employment Situation report shows that the United States economy added 2.5 million jobs last month, and the unemployment rate fell from 14.7 percent to 13.3 percent.

Employment increased significantly in leisure and hospitality (1.2 million), construction (464,000), education and health services (424,000), retail trade (368,000), and manufacturing (225,000). These job gains surprised forecasters, given many States were only beginning to reopen their economies during the reports’ survey reference periods (the week/pay period that includes May 12). The median of all private sector forecasts predicted 7.5 million job losses in May and an unemployment rate of 19.2 percent.

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Original Source: WhiteHouse.gov

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