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New York (CNN Business) – The unemployment rate in United States It dropped surprisingly to 13.3% in May as the economy adds 2.5 million jobs.
The labor market rebounded from the drastic losses in April, when 20.7 million jobs disappeared, according to the revised figure. The unemployment rate last month rose to 14.7% when companies closed during confinement for the coronavirus.
Economists had expected the unemployment rate to be even worse in May, reaching almost 20%. But the gradual reopening of the economy actually added new jobs instead of cutting more jobs.
“These improvements in the labor market reflected a limited resumption of economic activity that had slowed in March and April due to the coronavirus pandemic and efforts to contain it,” said William W. Beach, commissioner of the Bureau of Labor Statistics, in a statement.
President Donald Trump took credit on Twitter for the report better than expected, calling the numbers “incredible.”
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