US Jobs Report: 559,000 Jobs were Added in May

The recovery of the US labor market accelerated in May, with 559,000 jobs added back to the economy.

It is the second major consecutive error in analyst expectations after a big disappointment in april. Economists had forecast 650,000 jobs added in May.

The unemployment rate fell to 5.8%, the Bureau of Labor Statistics.

Still, it was a huge improvement over the 278,000 revised jobs that were added in April. The initial reading of 266,000 jobs last month was the biggest loss to expectations since Refinitiv began recording that data in 1999.

The unemployment rate decreased by 0.3 percentage points in the fifth month of the year.

The working market you are in a strange situation, which shows how uneven and uncomfortable the recovery is.

Although millions of people remain unemployed or have had to leave the workforce, companies complain about a shortage of workers. Companies are raising wages to attract and retain employees.

Find out which sectors created jobs in the pandemic 0:52Meanwhile, several states have announced that end unemployment benefits of the pandemic era before the official expiration in September. Whether that will spur an increase in job applicants remains to be seen.

The Critics of Increased Unemployment Assistance they say the higher payments have kept people sitting on their couches. But the pandemic is not over yet and workers are still balancing exposure and health risks, as well as childcare, with the Back to work.

Hope is high that the full return to face-to-face schooling in September will allow people staying home due to childcare responsibilities to rejoin the workforce.

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