American miracle on labor market
22:10
Friday brought the most sensational economic information during this crisis. The United States reported a drop in the unemployment rate in May from 14.7 percent in April to 13.3 percent
Meanwhile, the market consensus of experts pointed to an increase to 19.4 percent. This means that in May the labor market gained over 2.5 million employees (analysts' forecasts indicated a drop by almost 8 million), despite the fact that over 12 million people applied for unemployment benefits over the period under review. The percentage of employees in the productive age group 16-65 also increased to 52.8 percent.
So far, economists have no idea how the US labor market has revived so quickly, but without a doubt this is fantastic news that gives hope for a faster economic recovery after the world's largest economy pandemic.
