R&I – TXPAT *****
June 4, 2021
559,000 jobs added to the economy in May, according to latest US jobs report.
The unemployment rate fell from 6.1% to 5.8%.
Oxford Economics expects the economy to add a record 8 million jobs in 2021 as unemployment falls to 4.3% by the end of the year.
Hiring picked up in May as employers added 559,000 jobs amid falling COVID-19 cases, a loosening of business constraints and stepped-up vaccinations, more than offsetting persistent worker shortages.
The unemployment rate fell sharply from 6.1% to 5.8%, the Labor Department said Friday.
The labor shortages continued to temper hiring. Economists surveyed by Bloomberg had estimated that 674,000 jobs were added last month.
Leisure and hospitality, the sector hit hardest by the pandemic, again led the payroll recovery, adding 292,000 jobs as restaurants and bars rehired laid-off workers. Public and private education added 144,000 jobs as many schools resumed in-person classes.
The employment gains were fairly broad-based. Healthcare and social assistance added 46,000 jobs; professional and business services, 35,000; and transportation and warehousing, 23,000. Yet retail and construction shed workers.
So far, the U.S. has recovered 14.7 million, or 65%, of the 22.4 million jobs lost last spring, leaving the nation 7.6 million jobs below its pre-pandemic level.
President Joe Biden hailed the report as “great news for our economy and our recovery.”