Economists were shocked on Friday as the Bureau of Labor Statistics said US employers added 2.5 million payrolls in May, defying expectations of 7.5 million jobs lost. The surprise increase came on the heels of the record 20.5 million jobs lost in April.

The unemployment rate declined to 13.3%, bucking forecasts of a near-record 19% rate. April's 14.7% reading was the highest since the Great Depression of the 1930s.

The May report suggested that the US economy might be past the peak of the coronavirus pandemic's devastation. By the end of the month, all 50 states had relaxed at least some restrictions, even as the US's COVID-19 death toll surpassed 100,000 people.

"Today's data suggests that the US economy is more resilient than expected," said Seema Shah, the chief strategist at Principal Global Investors. "Certainly the initial signs suggest that the reopening of economies has already started to heal the labor market."

The report is "rather startling," said Ian Shepherdson, the chief economist at Pantheon Macroeconomics. "The biggest payroll surprise in history, by a gigantic margin, likely is due to a wave of hidden rehiring."

Details by sector
Many sectors posted job gains in May after steep losses in April. Employment and hospitality added 1.2 million jobs after losing 7.5 million jobs in April, with employment in food services and drinking places making up most of the gains.

Education and health services, retail trade, and other services industries also added jobs in May after losing jobs in April. Still, government, information, and transportation saw another month of job losses.

The number of unemployed people on temporary layoff decreased to 15.3 million in May from 16.2 million in April. The Friday report noted that the number of permanent job losers increased to 2.3 million, a nearly 300,000 jump from April.


https://www.google.com/amp/s/www.businessinsider.com/may-jobs-report-unemployment-rate-declines-nonfarm-payrolls-surprise-increase-2020-6%3famp

Trump is killing these leftist Democrats

They wanted to use the COVID-19 derailed economy to hit him on the jock.

Trump has 96% approval ratings from Republican what he didn't have before he beat Clinton, una come expect biden to beat am? Make una wait for debate una go see say biden worse pass buhari. Muslims go soon invade this thread

TANTUMERGO007:
Trump has 96% approval ratings from Republican what he didn't have before he beat Clinton, una come expect biden to beat am? Make una wait for debate una go see say biden worse pass buhari. Muslims go soon invade this thread

He didn't get the 96% approval because he was loved or performed well.He got it because he is an incumbent.

Incumbent presidents both in USA and even Nigeria do not face much opposition when seeking for reelection especially within their own party.

Take note not every Republican is even happy with the way Trump is handling the country,you can remember well even mitt Romney voted against him in the Senate in the course of the impeachment proceedings.

flyingpig:
Trump is killing these leftist Democrats

They wanted to use the COVID-19 derailed economy to hit him on the jock.

Sorry to disappoint you, nothing great about the Trump economy,if you live in the USA you will understand better.

Trump biggest single economic policy decision is cutting corporate tax to a record low but this action only benefits the elite,that is the wealthy guys in wall street.
It does not have a ripple effect on average Americans.Bill Clinton a Democrat was even the best job creating president the USA ever had and the Left the country with surplus you can research on that,Trump doesn't even come close.

Amidst the controversy on Trump in Nairaland, I know he has done well in boosting US economy and making unemployment amongst blacks lowest since 1776 when USA became independent

Trump is good.

Weedsmoker:

He didn't get the 96% approval because he was loved or performed well.He got it because he is an incumbent.

Incumbent presidents both in USA and even Nigeria do not face much opposition when seeking for reelection especially within their own party.

Take note not every Republican is even happy with the way Trump is handling the country,you can remember well even mitt Romney voted against him in the Senate in the course of the impeachment proceedings.

the way you jump on every trump's thread is alarming. How much are they paying you?

Goldmaxx:
the way you jump on every trump's thread is alarming. How much are they paying you?

Lol

I'm very concerned about what happens in the USA because I have lots friends and relations their.Also,their is too much misinformation here on this forum.I'm here to make people know the true position of things not the lies that Trump keeps feeding people.

Weedsmoker:

Lol

I'm very concerned about what happens in the USA because I have lots friends and relations their.Also,their is too much misinformation here on this forum.I'm here to make people know the true position of things not the lies that Trump keeps feeding people.

why would people take info from a weed smoker