Unemployment Falls to 13.3% and Economy Adds 2.5 Million Jobs

The unemployment rate in America plummeted to 13.3 percent and payrolls unexpectedly rose by 2.5 million workers since coronavirus lockdown restrictions have begun to lift, according to Breitbart News.

Last month, the U.S. unemployment rate was at a record high since 1948, at a whopping 14.7 percent.

Economists estimated that the unemployment rate reached 25 percent during the Great Depression.

Roughly 20.5 million Americas lost their jobs in early 2020, which was reportedly the worst monthly decline on record since 1939.

Jobs in leisure and hospitality jumped by 1.2 million in May after falling by 7.5 million in April and 743,000 in March.

An additional 1.4 million jobs were filled in the bar and restaurant industry, following a combined 6.1 million in job losses in April and March.

Construction employment jumped by 464,000 in May, gaining back almost half of April’s decline.

Dentist offices filled 245,000 jobs.

Health care employment overall rose by 312,00.

Retail shops filled 368,000 jobs in May, after a loss of 2.3 million in April.

Over-the-month job gains occurred in clothing and clothing accessories stores were 95,000. Auto dealers added 85,000. General merchandise stores added 84,000.

More from Breitbart:

Economists had expected the unemployment rate to rise to nearly 20 percent and the economy to shed an additional 8 million jobs.

The mandatory closures of many businesses and stay-at-home orders slammed what had been a very healthy labor market hard. The economy added jobs for 113 straight weeks through February, a record streak of growth. The unemployment rate was 3.5 percent in February. And yet job creation was running very hot, with the economy adding an average of 211,000 new jobs each month.

The government has undertaken unprecedented efforts to support employment and provide aid to those who have lost their jobs. Around 150 million taxpayers received stimulus payments of up to $1200 for adults in their household plus additional amounts for children. The Treasury’s Paycheck Protection Program is backing $669 billion of loans to small businesses that can be forgiven if borrowers do not lay off workers. The federal government has been providing an additional $600 on top of state unemployment benefits, paying some Americans more than they earned on the job.

Recent data suggest the labor market has been stabilizing and is now improving. The number of people applying for unemployment benefits has declined every week since hitting a record high 6.8 million in March. Last week, this number fell to around 1.8 million. Over 40 million new claims have been made for unemployment since the wave but ongoing claims are just over 20 million, indicating many Americans have been rehired after losing jobs.