US unemployment will see a surprising rise in May





The U.S. labor market unexpectedly improved in May, hoping that the financial risks associated with the epidemic would be less damaging than feared.


The unemployment rate fell to 13.3 percent from 14.7 percent in April as businesses began to recruit.

Companies have hired employees in the food, construction, and health care sectors.

In all, employers have added 2.5 million jobs, even in the education and retail sectors.

This was back when some stringent measures were imposed by the United States to control the spread of coronavirus.

As businesses begin to reemerge, companies are resuming their workforce.

Jobbers stunned economists, many of whom warned that the country's unemployment rate would rise by 20% to the post-World War period. Economist Justin Wolfers, a professor at the University of Michigan, tweeted: "It's hard to avoid the conclusion that the economy is in decline in early May," he said. "We're in a huge and deep hole, and it takes a while to get out, but at least the hole isn't deep." President-elect Donald Trump is speeding up, quickly taking to Twitter to claim numbers and claim the credit. "Really Big Jobs Report. Great Going President Trump (Funny But True)!" She wrote.

The worst is behind '
The $ 21 million job gains cut by American employers in March and April were only a slight cut, as the lockdown forced many businesses to close their doors. In April, the unemployment rate was 14.7%, the highest since the Great Depression of the 1930s.

But Labor Secretary Eugene Scalia said the report showed that the economic re-start is stronger than expected.

"The worst impact of coronavirus on the job market in the country seems to be behind us," he said.

The news delighted investors, sending the Dow Jones Industrial Average and the S&P 500 up more than 2% as their March advocates continued to improve share prices.

Employment benefits are not limited to the US.

In Canada, employers added 290,000 jobs - more than expected. However, the unemployment rate is 13.7% - the highest level in 1976 statistics.

'The easiest part of recovery'?
As of February, the 50-year unemployment rate in the US was at 3.5%.

Economists on Friday warned that the path to economic recovery is still uncertain. He reportedly hired him in May as the government issued billions of dollars of emergency aid to businesses to pay employees, prompting the recipient to call back employees.

Of the jobs created last month, restaurants and bars are half the rent. Dental offices account for another 10%.

Benefits also came from people who told surveyors that their layoffs were temporary.

Economist Jason Furman, a top financial adviser to President Barack Obama, said: "It means the easiest part of the recovery."

The loss has severely hit minority and low-wage workers, a trend that has continued until May.

Among white workers, the unemployment rate fell from 14.2% in April to 12.4%. Unemployment among Hispanic employees also decreased from 18.9% to 17.6%.

However, the unemployment rate for black workers rose from 16.7% to 16.8%.

Post a Comment

0 Comments