COVID-19 pandemic was bottoming.The Labor Department’s closely watched monthly employment report showed the jobless rate dropped to 13.3% last month from 14.7% in April.
Nonfarm payrolls rose by 2.509 million jobs after a record plunge of 20.687 million in April. Economists polled by Reuters had forecast the jobless rate jumping to 19.8% in May from 14.7% in April.
Nonfarm payrolls for May had been expected to fall by 8 million jobs.[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]The jobs market improved considerably in the second half of May as businesses reopened after shuttering in mid-March to slow the spread of COVID-19.