USA economy adds 2.5 million jobs in May, unemployment falls to 13.3%

Daniel Fowler
June 6, 2020

Canadian employment rose by 2,90,000 or 1.8 percent in May, the government statistical agency said Friday, as restrictions to slow the spread of the coronavirus were eased and businesses started reopening.

Statistics Canada said the number of people who worked less than half their usual hours fell by 292,000 in May.

But job losses in March and April were steeper than the Labor Department had initially reported, with 642,000 more jobs lost than the 21.4 million first reported, bringing the two months' job losses to 22 million. Hotels and motels still lost more jobs in May (148,000).

He said by summer's end, it's possible half od job numbers will recover but stressed jobs related to worldwide travel, tourism, air travel, conventions, large sporting events and theatres will likely remain hit. Economists polled by Reuters had forecast the unemployment rate jumping to 19.8% in May and payrolls falling by 8 million jobs.

If that happens, it will push the unemployment rate past the 13.1 per cent set in December 1982 to its highest level in more than four decades of comparable data.

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"Compared with February, full-time employment was down 11.1% in May, while part-time work was down 27.6%".

As well, someone can be working but may not be getting as many hours as in the past.

"As we look into the months coming. we've got a different goal in mind: People need to get back to work safely", she said at a midday press conference.

In April, employers lost a record 20.5 million jobs, and the unemployment rate spiked to 14.7%, as the deadly outbreak spread throughout the country and pummeled the USA economy. People not actively seeking work aren't counted in unemployment figures.

Hiring was seen in the hospitality, construction and education sectors. Nationwide, the rate was 13.7 per cent, up from 13. At the same time, employment rose by 15,000 in the goods-producing sector, driven by the manufacturing industry.

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