BREAKING: Employers Added 2.5 Million Jobs Last Month, Largest Boom In Job Growth Since 1939

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The country has been in an economic freefall since the start of the global coronavirus pandemic, but the month of May has offered some optimism going forward.

While some doctors and healthcare professionals are still cautioning against re-opening too soon or forecasting a potential second wave of the coronavirus, businesses have hired back more than 2.5 million workers in the past month.

The figures, coming from the latest U.S. Department of Labor figures, are the largest boom in job growth in a single month since 1939.

ABC News reports:

Some of the most notable job gains in May occurred in leisure and hospitality, construction and retail trade as those sectors begin to reopen.

“These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it,” the government said in its news release Friday.

The leisure and hospitality sector saw an increase of 1.2 million jobs in May after losses of 7.5 million jobs in April. Food and drinking places gained 1.4 million jobs last month after losing more than 6 million jobs in March and April combined.

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Employment in construction increased by 464,000 in May, gaining back almost half of the jobs lost in April. Meanwhile, employment in retail rose by 368,000 last month but lost more than 2 million jobs in April.

The Daily Wire reports the Congressional Budget Office (CBO) said the new jobs report signals an uptick in jobs for the second half of the year.

“The economy is expected to begin recovering during the second half of 2020 as concerns about the pandemic diminish and as state and local governments ease restrictions,” the CBO said. “The labor market is projected to materially improve after the third quarter—hiring will rebound and furloughs will drop significantly as the degree of social distancing diminishes. To account for the chances of the pandemic persisting or reemerging, CBO projects that social distancing will continue, but to a declining degree. The persistence of social distancing will keep economic activity and labor market conditions suppressed for some time.”

The Daily Wire adds:

Dow Jones experts had predicted the rate would soar to 19.5%, but the economists weren’t even close. The economy actually created more than 2.5 million jobs in May, the Labor Department reported. The May gain was by far the biggest one-month jobs gain in U.S. history since at least 1939.

Futures on the Dow soared more than 650 points on the good news.



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