Unemployment rates have been at an all-time high since the start of the coronavirus pandemic with a stunning 40 million people who were out of work. As May came to an end, new numbers show a drastic change in jobless claims.
According to NBC News, “The U.S. economy gained 2.5 million jobs in May and the unemployment rate dropped to 13.3 percent. That’s down from 14.7 percent in April, according to the monthly employment report released Friday by the Bureau of Labor Statistics. The surprising data comes amid the phased reopening of businesses across the country after months of economic pain from the coronavirus pandemic, which pushed up unemployment to Great Depression-era levels and obliterated all job gains since the Great Recession.” Jobless claims data released from the DOL showed a decline for the number of Americans seeking unemployment benefits.
The impact of the coronavirus pandemic on the economy is sure to be felt for decades but Vice President Mike Pence remains hopeful, “This recovery begins today,” Vice President Mike Pence told CNBC Friday morning. “We’re going to do whatever it takes to get the American people through this pandemic.”