May Jobs Report: Economy Adds Back 559,000 Jobs, Unemployment Rate Fell To 5.8%
The U.S. economy added back another more than half a million jobs in May, with employment accelerating from April but still missing estimates even as the jobless rate slid to a new pandemic-era low.
• Change in non-farm payrolls:
• +559,000 vs. +675,000 expected and a revised +278,000 in April
• Unemployment rate: 5.8% vs. 5.9%expected and 6.1% in April
• Average hourly earnings, month-over-month: 0.5% vs. 0.2% expected and 0.7% in April
• Average hourly earnings, year-over-year: 2.0% vs. 1.6% expected and a revised 0.4% in April
Altogether, the U.S. economy is still about 7.6 million jobs short of its pre-pandemic levels from February 2020, and would require more than a year to recoup this deficit at the current pace of job gains.
Source: Yahoo!Finance, 06.04.2020
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