Until the end of the year 2020, the United States was facing the worst time in its history in terms of the pandemic and political standpoint. However, with the discovery of the vaccination followed by the selection of Joe Biden as the 46th President of the United States, things have started getting back on track.
Since the beginning of the year, things have started getting back to normal for the labor market in the United States. The US economy is constantly reporting a surge in the number of jobs and employments being made available for the working class.
A report has recently been shared showing how much growth and surges the labor sector is observing in terms of jobs. The US economy shows that an enormous number of jobs have made a comeback in the system. The reports show that 559,000 jobs have been added to the economy only in the month of May.
However, it is still a miss when it comes to meeting the monthly target of positions being added back to the economy. The report shows that the US economy has missed out on adding the targeted number of jobs in the month of May.
This shows that the analysts again overestimated the number of jobs they had expected would be added to the economy. Even for the month of April, the job expectations set by the economic analysts were not met.
The report suggests that for the month of May, the analysts had predicted that 650,000 jobs would be added to the economy. Unfortunately, the actual outcome fell short by 91,000 jobs in the month of May, which is 14% less than the expectation.
The Bureau of Labor Statistics has also shared a report in its findings on Friday, June 4, 2021. The bureau has revealed that at present, the unemployment rate has fallen to 5.8%. The report shows that since March 2020, this is the lowest joblessness rate that has been observed.
The report reveals that in the month of March 2020, the joblessness rate was sitting at 4.4%. The lockdowns for the pandemic had not even kicked to their full extent.
The report has also shared the participation rate from the labor force in the month of May. The report reveals that in the month of May, the participation from the labor force was just 61.6%.
The data shows that majority of the jobs added were for female workers. The age group for the women finding jobs was 20, and a total of 381,000 females found jobs in that particular month. On the other hand, the teenagers as also added a huge percentage with 70,000 jobs in the same month.