Payroll employment rose by 559,000 jobs in May
6/17/2021, 3:11:57 PM
According to the Bureau of Labor Statistics, 559,000 nonfarm payroll jobs were created in the country. This is the fifth increase in employment in as many months; we are, however, still 7.6 million jobs short of the pre-pandemic level. Considering that at the beginning of the shutdown, we lost 25 million jobs, we are clearly improving. The unemployment rate spiked close to 15% in April 2020, and it has been declining since. It dropped to 5.8% for May, almost a whole percentage point below its December level.COVID-19 initially caused the loss of more full-time jobs in two months than in 24 months during the Great Recession.