The May job report was released today, showing 2.5 million jobs increase. This is great news in light of the recent economic crisis we have faced. However, there are a few concerns. African American and Latino jobs made a minimal increase, if any, at all. More jobs mean less social distancing, breading the potential spread of Covid-19.
The job losses since the beginning of lockdown were nearing great depression level rates. Many analysts and experts on wall street anticipated further losses for May. Some had predicted that the losses would be permanent. However, to our nation’s surprise, the May job report looks to be a bounce back and snapshot of our economy to come post-quarantine.
The country’s unemployment rate had dropped from 14.7% to 13.3% in May. Upon receiving the job report, the DOW jumped nearly 800 points. It is a welcome rebound from recent months of stock uncertainty. Jobs returning is also an enormous sigh of relief for many Americans. As a result, analysts see it as a signal that the economy is returning to normal.
Things To Remember
However, there are a few things we need to look out for in the coming months. With the mass protests combating police brutality, we can predict an enormous amount of Covid-19 cases. There is a possibility that the expected surge could halt economic growth or even warrant another shutdown. Amazingly, our economy appears to be taking a positive turn. However, it is essential to remember to practice social distancing, wearing a mask, and practicing proper handwashing. You can find more information regarding the job report at the U.S. Bureau of Labor Statistics.
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