According to recently released U.S. government data, May saw the biggest ever increase in jobs coming in at 2.5 million, as the U.S. economy roars back to life as it heads into a post-pandemic environment. As reported by CNBC, the May jobs report “stunned Wall Street with the largest number of payrolls gained on record and a drop in the unemployment rate during a month when most expected grim comparisons to the Great Depression.” Highlighting the numbers were the leisure and hospitality industries posting a rebound in May with a net addition of more than 1.2 million jobs, by far the largest one-month increase in the sector’s history. Indeed…
Key Points:
- Nonfarm payrolls rose by 2.5 million in May and the unemployment rate fell to 13.3%.
- Wall Street estimates had been for a decline of 8.3 million and a jobless level of 19.5%, which would have been the worst since the Great Depression era.
- Much of the gain came from those classified as temporary layoffs due to the coronavirus-related economic shutdown.
- Leisure and hospitality represented almost half the jobs gained.
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