New York (CNN Business)The US unemployment rate surprisingly fell to 13.3% in May, as the economy gained 2.5 million jobs.
The labor market rebounded from April’s drastic losses, when a revised 20.7 million jobs vanished. The unemployment rate last month soared to 14.7% as businesses shut during the coronavirus lockdown.
Economists expected the unemployment rate to be even worse in May, rising to nearly 20%. But the gradual reopening of the economy actually added new jobs rather than eliminating further positions.
“These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus pandemic and efforts to contain it,” said William W. Beach, commissioner of the Bureau of Labor Statistics, in a statement.
President Donald Trump took credit for the better than expected report on Twitter, calling the numbers “incredible.”
Source: US unemployment rate unexpectedly falls to 13.3% as economy posts job gains
