Jobs report rose by 559K, disappointing expectations
The U.S. Labor Department released its jobs report Friday, revealing only 559,000 nonfarm jobs in May. Economists surveyed by the Dow Jones previously predicted that the U.S. would see 671,000 new jobs that month.
Unemployment dropped by only 0.3%. Black adults still top the highest unemployment rate at 9.1% and have seen little change in the past few months. 7.9 million people reported that they lost jobs in May because their employer went out of business due to the pandemic. That number is down from 9.4 million in April.
The industries that saw significant increases in employment were leisure and hospitality, in public and private education, and in health care and social assistance. Altogether, they contributed to the majority of new jobs, creating about 505,000 jobs.
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