U.S. Economy Continues to Recover, Adding 559,000 Jobs in May

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Last updated on July 18th, 2023 at 01:31 pm

The U.S. Bureau of Labor Statistics reported that employers added 559,000 workers during the month of May, continuing the nation’s economic recovery.

“In May, the unemployment rate declined by 0.3 percentage point to 5.8 percent, and the number of unemployed persons fell by 496,000 to 9.3 million. These measures are down considerably from their recent highs in April 2020 but remain well above their levels prior to the coronavirus (COVID-19) pandemic (3.5 percent and 5.7 million, respectively, in February 2020),” the government reported.

Hourly pay rose in May, though more slowly than during the month of April.

“Average hourly earnings for all employees on private nonfarm payrolls increased by 15 cents to $30.33 in May, following an increase of 21 cents in April. Average hourly earnings of private-sector production and nonsupervisory employees rose by 14 cents to $25.60 in May, following an increase of 19 cents in April,” reads the report, noting that the data suggests that “the rising demand for labor associated with the recovery from the pandemic may have put upward pressure on wages.”

The report is certain to give the Biden administration further support as it continues to champion vaccinations and its economic program as the key to ending the pandemic.

“Today’s jobs report shows historic progress for American families and the American economy,” President Joe Biden wrote on Twitter. “We added 559,000 jobs in May, created a record two million jobs in our first four months, and unemployment is at its lowest level since the pandemic started. America is on the move again.”