U.S. Economy Adds 559,000 Jobs; Unemployment Rate Down
The new United States jobs report has some good news for the national economy.
That report, out Friday morning, says the U. S. economy added 559,000 jobs in the month of May. That's more than double April's figures. The same report says the national unemployment rate fell to 5.8 percent.
Still, the figure is lower than the nearly 650,000 new jobs some economists predicted would be added in May.
Some experts attribute the rise in employment to more people being vaccinated and returning to the workforce. Others claim the rise is the result of states getting rid of expanded jobless benefits, spurring people to reenter the workforce.
While more people are returning to work, businesses across the U. S. are complaining of worker shortages, with many advertising jobs online and on signs outside their establishments. Some companies have raised wages in an effort to attract workers. According to a National Federation of Independent Business, nearly half of the nation's small businesses--48 percent--say they are unable to fill job openings. May was the fourth consecutive month of historic highs in that category. The NFIB says the May figure is 26 points higher than the 48-year historical reading of 22 percent.
Some economists hope that the full return to in-person schooling this fall will allow parents who have been staying at home with their children during the pandemic to reenter the workforce.
Questions about the country's post-pandemic recovery remain. Economists say it could take several months to fully understand how well the national economy and the job market are recovering from the pandemic.