After the US employment rate has been skyrocketing amidst the novel coronavirus lockdowns, economists were pleased that their more dire forecasts were wrong, when the Bureau of Labor Statistics (BLS) issued an encouraging report for the month of May.
The latest BLS report on US job loss showed the grim unemployment numbers actually fell after 2.5 million employees were able to return to work in the leisure and hospitality, construction, education and health services, and retail industries.
Economists originally anticipated jobless numbers to top 20% in May, but the total now estimated by the bipartisan career officials in the BLM fell to an estimated 16.3%.
Regardless of the percentage of unemployed population being worse than the Great Depression, the report is a welcomed decline—and it is largely credited to social restrictions being steadily rolled back across the US.
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