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US Economy Adds 2.5 million Jobs In May

The US economy witnessed an unprecedented turn of events as it added 2.5 million jobs last month amid coronavirus pandemic.

The Bureau of Labor Statistics confirmed this on Friday as it said the nation’s unemployment rate also dropped to 13.3 percent as a result of the limited resumption of economic activity.

That marked an improvement from the record 14.7 percent unemployment seen in April and defied expectations for the virus-related job losses to worsen. Economists predicted a 19.8 percent unemployment rate and 8 million lost jobs.

Some parts of the country have allowed businesses to reopen that had closed to control the spread of the deadly virus. Other parts of the economy also hinted at recovery in May, with consumer confidence and manufacturing activity both improving.

But it remains uncertain how fast the destroyed jobs will come back as applications for unemployment benefits continue to pile up. More than 21 million people were claiming in the week ending May 23, federal data showed Thursday.

Photo Credit: Universal Image

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