Business

2.5 million jobs added, 13.3% unemployment

2.5 million jobs added, 13.3% unemployment

The US economy added 2.5 million jobs last month as the nation began its recovery from the coronavirus crisis, the feds said Friday.

The nation’s unemployment rate dropped to 13.3 percent thanks to “a limited resumption of economic activity that had been curtailed” because of the pandemic, the Bureau of Labor Statistics said in its monthly jobs report.

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.

With Post wires

About the author

Erin Fox

Erin Fox

From television to the internet platform, Erin switched her journey in digital media with News Brig. She served as a journalist for popular news channels and currently contributes his experience for News Brig by writing about the tech domain.

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