While the U.S. economy’s recovery under President Joe Biden saw jobs go up by 559,000 in May, it still falls short of the projected numbers by 100,000. The unemployment rate, though, fell from 6.1% to 5.8%.
The said data was released by the Department of Labor on Friday morning. It fell short of what economists expect how much job growth would take place. However, it passed expectations with regards to the unemployment rate. This came after April’s disappointing jobs report that signaled many significant issues in the country’s recovery. Because of the economy’s performance in April, economists have moderated their expectations for the following month. They expected that 671,000 jobs would be added while the employment rate would go down to 5.9%, per The Wall Street Journal.
Experts Anticipated May Jobs Report Following Poor April Numbers
Many experts closely watched the May jobs report in order to find out whether the economy managed to rebound from April’s numbers. The said month’s numbers fell short of the 1 million projected jobs while unemployment went up to 6.1%. The said May report would have either signaled the possible problems in the country’s recovery.
Almost half of small business owners in the country reported having their job openings unfilled in May. This comes as employers try to attract former employees and new job hunters into the workforce. While this happens, states across the country continue to remove pandemic restrictions.
In May, the Department of Labor reported that the inflation rate of the year prior had gone up to the largest rate since 2008’s Great Recession.
Also, the inflation report came following April’s poor job growth report. President Biden let it off by saying the report is evidence that the country’s economy has been “moving in the right direction.