WASHINGTON (AP) — The U.S. unemployment rate fell to 13.3% in May from 14.7%, and 2.5 million jobs were added — a surprisingly positive reading in the midst of a recession that has paralyzed the economy in the wake of the viral pandemic.
AP’s earlier story is below:
America’s workers likely suffered another devastating blow in May, with millions more jobs lost to the viral pandemic and an unemployment rate near or even above 20% for the first time since the Great Depression.
A figure that large would raise the total losses since the coronavirus intensified nearly three months ago to almost 30 million — more than triple the number of jobs lost during the 2008-2009 Great Recession.
The economy has sunk into what looks like a deep recession, and most economists foresee unemployment remaining above 10% — its peak during the Great Recession — through the November elections and into next year.
A report Thursday on applications for unemployment benefits reinforced the picture of a bleak job market: The number of people seeking jobless aid last week was double the previous record high that prevailed before the viral outbreak occurred.
