US labor market recovery picks up steam, adding 559,000 jobs in May

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from CNN Business,

America’s job market recovery picked up some steam in May, with 559,000 positions added back to the economy.

It was a second sizable miss of analyst expectations after a big disappointment in April. Economists had predicted 650,000 jobs added in May.
The unemployment rate fell to 5.8%, the Bureau of Labor Statistics reported Friday. This is the lowest rate of joblessness since March 2020, when it stood at 4.4% and full effect of the pandemic lockdown hadn’t happened yet.

The labor force participation rate was more or less flat in May at 61.6%, showing that the unemployment rate went down because people found jobs and not only because they dropped out of the workforce.

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