The U.S. economy reported an increase of 559,000 jobs in May and the unemployment rate declined to 5.8%, according to Department of Labor data released Friday.
Total non-farm payroll employment increased by 559,000 in May, according to the Bureau of Labor Statistics (BLS) report, and the number of unemployed persons dropped to 9.3 million. Economists projected 671,000 Americans would be added to payrolls prior to Friday’s report, according to The Wall Street Journal.
“We think it will take several months for frictions in the labor market to work themselves out,” Barclays chief U.S. economist Michael Gapen told the WSJ. “That just means we shouldn’t be expecting one to two million jobs every month. Instead, it will be a more gradual process.”
Republican-led states and Vermont reported the lowest unemployment rates in April, according to a new report by the U.S. Commerce Department. States led by Democratic governors recorded the highest jobless rates, according to the report.
Unemployment rates were lower in April in 12 states and the District of Columbia and stable in 38 states, according to the U.S. Bureau of Labor Statistics.
States with the highest unemployment rates in April were Hawaii (8.5%), California (8.3%), New Mexico and New York (both at 8.2%), and Connecticut (8.1%). All five states with the highest unemployment are run by Democratic trifectas, meaning Democrats control the governor’s office and both houses of the state legislature.
President Joe Biden is traveling to Cleveland, Ohio to deliver a speech on his economic efforts since taking office earlier this year.
At his address at Cuyahoga Community College, Biden is expected to claim the solution to the country’s economic setback is his massive “infrastructure” plan — dubbed the “American Jobs Plan” — and the coronavirus “relief” bill passed earlier this year.
The number of Americans filing new unemployment claims dropped to 473,000 last week as the economy continues to slowly recover from the coronavirus pandemic, according to the Department of Labor.
The Bureau of Labor and Statistics figure released Thursday represented a decrease in the number of new jobless claims compared to the week ending May 1, when 507,000 new jobless claims were reported. That number was revised up from the 498,000 jobless claims initially reported last week.
Economists expected Thursday’s jobless claims number to come in at 500,000, The Wall Street Journal reported.
The U.S. economy reported an increase of 266,000 jobs in April and the unemployment rate rose slightly to 6.1%, according to Department of Labor data released Friday.
Total non-farm payroll employment increased by 266,000 in April, according to the Bureau of Labor Statistics (BLS) report, and the number of unemployed persons ticked up to 9.8 million. Economists projected a million Americans would be added to payrolls prior to Friday’s report, according to The Wall Street Journal.
“The pieces are really coming together for a burst in activity,” Sarah House, senior economist for Wells Fargo’s Corporate and Investment Bank, told the WSJ. “We’re expecting to see the labor market recovery shift into an even faster gear with the April jobs report.”
Jobless claims in Ohio through the first week of April have nearly doubled what was filed during all of 2019, WKRC reported.
Tennessee Star Political Editor Steve Gill discussed on Monday’s edition of The Gill Report – broadcast on Knoxville’s 92.3 FM WETR – how Democrats are conspiring to repeal the Trump tax cuts while record low unemployment among Hispanic and African-Americans surge and the federal government rakes in a record amount of…