Startling Unemployment Numbers

Startling Unemployment Numbers

(AmericanProsperity.com) – On Friday, June 5, the US Bureau of Labor Statistics (BLS) released the May 2020 Jobs Report. It shows that 2.5 million jobs were added in May as cities and states opened back up for business after government-mandated closures began phasing out. This increase in new jobs showcases the drive of the American people, their willingness to return to work, and desire to stave off a recession.

The majority of new jobs were in the leisure, construction, health, education, and retail sectors.

During May, the unemployment rate dropped to 13.3%, which is still enormous in comparison to February’s pre-pandemic rate of 3.5%, but nowhere near what experts predicted. President Donald Trump expressed excitement in these numbers as he continues pressuring states to open up their economies.

Trump also held a press conference talking about the latest jobs report.

It’s vital to note, however, that there’s currently an investigation into how some of these numbers are counted. The BLS surveyors who collected the unemployment data were instructed to classify people who were out of work but expected to return to their jobs as unemployed on temporary layoffs. But, the job report states that “it is apparent that not all such workers were so classified.”

Additionally, 5.4 million employed people who were not at work when surveyed said it was due to “other reasons.” The BLS analyzed this data and suggests they should have been classified as unemployed on temporary layoff, instead of as unemployed.

Even with discrepancies in how to classify some of the workforce, Americans are finding a way, one step at a time, to get back to building up the economy and providing for their family.

~Here’s to Your Prosperity!

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