By Duncan Smith
As the coronavirus pandemic waned last month and state after state began reopening their shuttered economies, employers responded by putting a record number of people back to work.
Fox Business Network reports that job growth totaled 2.5 million last month, by far the biggest number ever recorded in a single month in U.S. history.
“Today was a shocking jobs number – and for the first time this year it was a positive shock,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “It's very encouraging to see workers being recalled back by their employers and the unemployment rate dropped back down in May.”
Unemployment fell to 13.3 percent, and while the country still has a long way to go to get back to the pre-pandemic range of about 3.5 percent, May put us off to a great start.
The network added:
The private sector accounted for the majority of the gains last month, with nearly 3.1 million positions added to the payroll, according to the Labor Department’s report released on Friday.
The biggest gains took place in the leisure and hospitality industry, which added a staggering 1.2 million jobs last month. In April, the industry — the hardest hit by the virus outbreak — lost 7.5 million jobs.
More than 1.3 million workers returned to food services and drinking places — another devastated sector — as states gradually allowed businesses deemed nonessential to reopen. However, hotels remained slow to rebound: Last month, they shed another 148,200 jobs.
'These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it,' the Labor Department said in a press release.
Scores of business sectors put people back to work. Construction added 464,000 new workers last month, with gains across the industry. Meanwhile, while trade, transportation, and utilities accounted for an astounding 368,000 positions, while automobile dealers added 84,700 jobs.
With so much growth in May as state economies reopened, it only makes sense that June’s figures — with economies in all states nearly or fully reopened — will again be blockbuster.
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