U.S. Economy Adds 559,000 Jobs in May, Unemployment Rate Falls to 5.8%
The U.S. economy added 559,000 jobs in May, marking a significant improvement over the disappointing April jobs report. The unemployment rate fell to 5.8%, the lowest level since the pandemic began, down from 6.1% in April.
The leisure and hospitality sector led the job gains, adding 292,000 jobs, as more people returned to restaurants, bars, and other entertainment venues. Other sectors that saw job growth included education and health services, professional and business services, and manufacturing.
Despite the strong job gains, the labor market still has a long way to go to fully recover from the pandemic. The economy is still down 7.6 million jobs from pre-pandemic levels, and some sectors, such as retail and construction, are still struggling to fill positions.
In addition, many workers are still hesitant to return to the workforce due to concerns about the virus, a lack of childcare options, or the ability to work remotely. This has led to labor shortages in some industries and regions, which could slow down the economic recovery.