WASHINGTON, D.C. (NBC) – Despite losing some 40 million jobs since the start of the COVID-19 pandemic, the May jobs report is painting a relatively rosy picture.
Employment unexpectedly rose by 2.5 million in May and the jobless rate fell to 13.3 percent, according to the Labor Department. This is significantly better than analyst expectations of an unemployment rate of 19.5 percent.
The May gain is by far the biggest one-month jobs gain in U.S. history since 1939.
Analysts believe the increase may have come from furloughed workers who have returned to their jobs as the economy begins to open up and may be an indicator the economy is turning around following coronavirus-induced furloughs.
However, economists warn the nation still faces a very high unemployment rate and some 20 million Americans are still without a steady paycheck.
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