US unemployment fell in May in encouraging sign for economy

US unemployment fell in May in encouraging sign for economy
Posted at 8:45 AM, Jun 05, 2020
and last updated 2020-06-05 12:08:20-04

WASHINGTON — The U.S. added 2.5 million jobs in May as the unemployment rate fell slightly to 13.5%.

The new report indicates that the economy is recovering from the coronavirus pandemic faster than previously thought.

The monthly unemployment report for April painted a bleak picture of the economic devastation wrought by COVID-19 — the unemployment rate jumped up to 14.7 percent, a jump of more than 10 percentage points. The report also suggested that more than 20 million jobs had been wiped away from the economy.

But Friday's report painted an encouraging sign that businesses are quickly re-hiring workers as states gradually lift coronavirus-related lockdown restrictions. While some states are moving faster than others, every state has moved forward in lifting at least some lockdown restrictions.

During a press conference at the White House Friday, President Donald Trump took credit for the newest report, claiming the economy's strength prior to the pandemic allowed for a quick bounce-back.