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Unemployment Unexpectedly Drops, But Full Recovery Not Imminent

1 month ago   |   By CBS

Unemployment took a surprising turn in May. The official rate, as reported by the Bureau of Labor Statistics Friday morning, dropped to 13.3 percent , down from its 14.7 percent peak in April. (The actual unemployment rate is likely somewhat higher.) While tens of millions of jobs have been lost during the coronavirus shutdown, some are starting to come back.
Last month's turnaround offers plenty of cause for hope. Unemployment is widely believed to have peaked. First-time applications for unemployment have trended downward from a late-March summit of 6.9 million to 1.9 million last week...
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Mainstream Media Ignores Black Unemployment Rising While Celebrating Jobless Rate

Mainstream Media Ignores Black Unemployment Rising While Celebrating Jobless Rate

1 month ago   |   By News One

Headlines across the internet repeatedly pointed in celebratory terms to the jobs report for May that was released Friday morning. But the good news of the jobless rate dropping did not extend to Black workers as the new data showed their unemployment levels ticked upward last month.
CNBC : “May sees biggest jobs increase ever of 2.5 million as economy starts to recover from coronavirus”
CNN : “America's unemployment rate falls to 13.3% as economy posts surprise job gains”
Washington Post : “Unemployment rate drops to 13 percent, as the economy picked up jobs as states reopened”
New York...
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Here's why the May jobs report shocked economists that were expecting near-record unemployment and massive losses

Here's why the May jobs report shocked economists that were expecting near-record unemployment and massive losses

1 month ago   |   By Business Insider

The latest jobs report on Friday showed the unemployment rate fell to 13.7% in May, a development that surprised many economists.
It had been projected to hit nearly 20%, a historic high.
Economists noted that the level of unemployment would have been three percentage points higher if it had not been for classification issues, and some workers could be returning to their old positions.
Visit Business Insider's homepage for more stories .
The latest jobs report released on Friday showed that the unemployment rate declined to 13.7% in May. It was a remarkable development after many...
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