US economy recovers faster than expected
Saturday, 06 06 2020, Category: Economy, Country: United States
The national unemployment rate declined to 13.3% for May as businesses started to slowly reopen around the country, the U.S. Bureau of Labor Statistics said Friday.
The slightly improved labor market reflected a limited resumption of economic activity that was sharply curtailed in March and April due to the coronavirus pandemic and efforts to contain it. The national jobless rate for April was 14.7%.
The government said employment in May rose sharply in leisure and hospitality, construction, education and health services, and retailing — all important elements of Florida’s economy.
“The most recent jobs report suggests the economic recovery will be much faster than many expected,” said William Luther, an assistant professor of economics at Florida Atlantic University.