Another DISASTEROUS Biden Jobs Report Leaves Liberal Economist Paul Krugman Doing Mental Gymnastics
June 4, 2021
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12:28Now PlayingAnother DISASTEROUS Biden Jobs Report Leaves Liberal Economist Paul Krugman Doing Mental Gymnastics
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U.S. employers added fewer than expected jobs last month as extended unemployment benefits encouraged workers to stay home.
Employers added 559,000 jobs in May, the Labor Department said Friday, missing the addition of 650,000 jobs that analysts surveyed by Refinitiv were expecting. April’s reading was revised higher by 12,000 to 278,000.
The unemployment rate, meanwhile, declined 0.3 percentage points to 5.8%, its lowest since the pandemic caused businesses to shut their doors in March 2020.
Despite the gains, the U.S. economy has 7.6 million, or 5%, fewer workers from its February 2020 pre-pandemic level.
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