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Newspaper
The Gazette
Location
Medina, Ohio, United States of America
Date
Jun 06, 2020
Page
5
U S unemployment falls to 13.3 percent in May as reopened firms recall millions, adding 2.5 million jobs. The gain surprises economists and fuels a Wall Street rally while experts warn the recovery may slow without renewed consumer confidence. President Trump touts the figures as proof the economy can rebound.
Economists overestimated May losses as the Labor Department flagged data collection issues. Unemployment fell to a surprising level, but the gap between whites and African Americans persisted, with Black joblessness rising slightly while White unemployment dropped. Self employed and part time workers grew, signaling ongoing economic drag from school and child care limits. The May gains still leave the crisis far worse than the Great Recession.
After weeks of skepticism, equities rose as the S&P 500 gained 2.6 percent on news that U.S. payrolls increased by 2.5 million. Economists had forecast job losses, boosting hopes the recession may be peaking despite ongoing risks and a projected sharp quarterly contraction.
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