U.S. Labor Market Recovery Unexpectedly

U.S. Labor Market Recovery Unexpectedly

The US economy rose unexpectedly in May after record losses from the previous month. However, although the regression triggered by the Covid-19 outbreak seems to be over, recovery may take some time. The employment report, which the Ministry of Labor closely monitored on Friday, showed that the unemployment rate fell from 14.7 percent in April to 13.3 percent last month. These data came after surveys showing that consumer confidence, manufacturing and service industries, which are balanced. Economic conditions recovered significantly when businesses closed in mid-March to slow down the spread of virus. MUFG New York chief economist Chris Rupkey said, “The country has turned the corner from the epidemic and the recession it is creating for the moment. But all employees who have lost their salaries will have a hard time regaining their place in society ". "It took years for the economy to grow enough to find jobs for the unemployed in the latest recession, and this time it will take years to do the same." Non-agricultural payrolls rose 2.5 million last month after a record 20.7 million drop in April. Economists who participated in the survey conducted by Reuters estimated that the unemployment rate of payrolls, which dropped 8 million workforce in May, reached 19.8 percent. According to the report, stocks on Wall Street recovered. While the dollar was up against currencies, US Treasury prices dropped.