What to Make of the Numbers in the May Jobs Report – The New York Times

The job market halted its pandemic-induced collapse in May as employers brought back millions of workers and the unemployment rate unexpectedly declined.

Tens of millions are still out of work, and the unemployment rate, which fell to 13.3 percent from 14.7 percent in April, remains worse than in any previous postwar recession. The rate would have been higher had it not been for data-collection issues.

Nonetheless, after weeks of data depicting enormous economic destruction, Friday s report from the Labor Department offered a glimmer of hope. Employers added 2.5 million jobs in May, defying economists expectations of further losses and holding the prospect that the rebound from the economic crisis could be faster than forecast.

via www.nytimes.com