“It is a tribute to President Donald Trump’s leadership,” VP Mike Pence says about the better-than-expected May jobs report.
Employment stunningly rose by 2.5 million in May and the jobless rate declined to 13.3%, according to data Friday from the Labor Department that was far better than economists had been expecting and indicated that an economic turnaround could be close at hand.
"It seems the damage from the nationwide lockdown was not as severe or as lasting as we feared a month ago," said Scott Clemons, chief investment strategist at Brown Brothers Harriman.. Government bond yields raced higher as well, with the benchmark 10-year Treasury most recently at 0.91%.The May gain was by far the biggest one-month jobs surge in U.S. history since at least 1939. The only previous month to register more than a million jobs was September 1983, at 1.1 million.
Those jobs tilted toward full-time, which added 2.2 million , while part-time workers gaining jobs numbered 1.6 million. Construction was the next biggest gainer with 464,000, making up for about half of April's losses. Education and health services rose by 424,000 and retail surged by 368,000 after plunging by 2.3 million a month previous.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Common heartburn drug may have helped 10 patients at home with Covid-19Ten people who were sick with Covid-19 may have found relief with a common over-the-counter heartburn remedy, according to a new study
Read more »
Russian city of St. Petersburg reports spike in deaths in May amid COVID-19 outbreakRussia's second biggest city of St. Petersburg recorded a death rate last month 32% higher than last year, official data showed on Wednesday, suggesting that there may be more people dying of COVID-19 than are being reported.
Read more »
A tearful Kate Garraway reveals husband Derek Draper is COVID-19 free but may never recoverKate Garraway makes emotional appearance on GMB to share update on husband Derek Draper's coronavirus battle
Read more »
Fact check: Feds buy syringes that may have RFID chips, but no evidence COVID-19 vaccination requiredThe claim: The Defense Department ordered enough pre-filled syringes with RFID tracking devices to prepare for military-backed, forced coronavirus vaccinations Our rating: Partly false
Read more »
New charges in Floyd killing may give prosecutors path to convictionMinnesota Attorney General Keith Ellison on Wednesday added a more serious second-degree murder charge against former Minneapolis police officer Derek Chauvin in the killing of unarmed black man George Floyd. Three more officers were charged.
Read more »