US employment data surprises the market, showing signs of economic recovery

English Jun 5, 2020

The United States created 2.59 million jobs in May, suggesting that the American economy has overcome the worst moment of the crisis caused by the coronavirus, according to seasonally adjusted data published on Friday, 5, by the Department of Labor.

The result surprised analysts, who, on average, predicted the elimination of 7.5 million jobs.

The unemployment rate fell from the highest level since the Great Depression of 1929, from 14.7% in April to 13.3% in May. In this case, the projection was for a 19% rate increase.

April job numbers were heavily revised, from eliminating 20.687 million to cutting 1.373 million. The unemployment rate for the month was unchanged.
Workers' average hourly wages fell 0.97% in May from April, or $ 0.29, to $ 29.75 an hour.

In the annual comparison, there was an increase of 6.75%. Analysts had expected gains of 1.5% in the monthly comparison and 9.4% in the annual comparison.

The US private sector alone created 3.094 million jobs in May, while the government cut 585,000 jobs. The share of the US population that participates in the workforce rose from 60.2% in April to 60.8% in May.


Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.