The U.S. economy unexpectedly added jobs in May after suffering record losses in the prior month, offering the clearest signal yet that the downturn triggered by the COVID-19 pandemic was probably over, though the road to recovery could be long.
But the improvement was uneven. The unemployment rate for blacks increased one-tenth of a percentage point to 16.8%. In contrast, the jobless rate for whites fell to 12.4% from 14.2% in April. Economists believe the unemployment rate peaked in May, but see it remaining above 10% when Americans head to the polls on Nov. 3.
FILE PHOTO: A"We're Hiring" sign advertising jobs is seen at the entrance of a restaurant, as Miami-Dade County eases some of the lockdown measures put in place during the coronavirus disease outbreak, in Miami, Florida, U.S., May 18, 2020. REUTERS/Marco Bello/File Photo Economists are split on whether the swift turnaround in the labor market was because of the government’s Paycheck Protection Program, part of a historic fiscal package worth nearly $3 trillion, offering businesses loans that can be partially forgiven if used for employee salaries. The Federal Reserve has also thrown businesses credit lifelines.
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