Five major takeaways from a jobs report that showed the economy faring better than expected, even if the overall picture remains bleak, with many millions still jobless and unemployment well into double digits.
A "Now Hiring" sign Is displayed outside a Texas Roadhouse restaurant, Friday, June 5, 2020, in Methuen, Mass. The U.S. unemployment rate fell to 13.3% in May, and 2.5 million jobs were added — a surprisingly positive reading in the midst of a recession that has paralyzed the economy and depressed the job market in the wake of the viral pandemic.
But it also reflects an acknowledged difficulties by the Labor Department’s Bureau of Labor Statistics in its information-gathering. Millions of people appeared to be erroneously classified by the survey as not working but employed. These people should have been classified as on temporary layoff and therefore unemployed. Had they been counted correctly, the jobless rate would have been roughly 3 points higher — 16% — the government said.
“The household survey response rate, at 67 percent, was about 15 percentage points lower than in months prior to the pandemic,” the report noted.The Labor Department also includes a broader measure of unemployment. This measure includes not only people who are out of work and looking for a job but also people who stopped looking or who were reduced to part-time hours. That rate was 21.2% in May.The past 10 days have achingly illustrated the persistence of systemic racism in the United States.
But white people who began job hunts were mostly hired: The number of unemployed white people fell by more than 2 million. “It’s a great day for him, it’s a great day for everybody, this is a great, great day in terms of equality,” Trump said, ignoring the figures that show otherwise.There were 2.7 million people who had been temporarily laid off and returned to their jobs in May. This was essentially the lowest-hanging fruit of any recovery. They are people who could quickly return to offices, restaurants, stores and factories that had gradually resumed operations. This left 15.
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