The unemployment rate in the United States fell to 5.8% as employers added 559,000 jobs to the economy during the month of May.
It’s the lowest jobless rate since March of 2020, when unemployment was 4.4%.
“It’s great to see a pickup to job growth, but it would have been better to see a larger acceleration,” Nick Bunker, economic research director for Indeed, said. “Adding over half-million jobs in one month is a solid pace of growth, but we will need to keep up this tempo for quite some time to get back to a semblance of the pre-pandemic labor market.”
Leisure and hospitality companies are responsible for 292,000 of the new jobs. Employers of health care and social work added 46,000 jobs and manufacturing, wholesale trade, transportation, and warehouses each gained 20,000 jobs.
According to CBS News, employers have added almost half a million jobs every month this year. However, although hiring has been steady this year, there are still 7.6 million fewer employed workers today than in February of 2020, before the pandemic.
Some experts attribute the rise in employment to more people being vaccinated and returning to the workforce. Others claim the rise is the result of states getting rid of expanded jobless benefits, spurring people to reenter the workforce.
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An analysis from the Federal Reserve found that some employers — those that offer lower wages — are having trouble finding employees. As a result, some of these businesses have raised their wages to attract workers.