The May jobs bounce – American unemployment falls, but normality is still far away | Finance & economics

The May jobs bounce – American unemployment falls, but normality is still far away | Finance & economics

The question remains: how many jobs have gone for good?Jun 5th 2020WASHINGTON, DCDIRE HEADLINES had already been prepared before the release of Amer

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The question remains: how many jobs have gone for good?


DIRE HEADLINES had already been prepared before the release of America’s May jobs report on June 5th. Most analysts expected payroll employment to have fallen last month by several million, on the heels of record declines in March and April, and the unemployment rate to have jumped to nearly 20%. Instead, the Bureau of Labour Statistics reported a sharp increase in employment, of 2.5m, and a drop in the jobless rate from 14.7%, a post-Depression record, to 13.3%. Although the American labour market remains deeply troubled, President Donald Trump nonetheless convened a hastily called press conference to hail the news and declare the country back on the road to better days. “This is better than a V[-shaped recovery],” he said. “This is a rocket ship!”

Those bleak expectations had been set by a flow of dreadful economic news. Americans continue to file new claims for unemployment benefits by the…



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