Total-Non-Farm employment totaled 132.9 million in May; this is the lowest number of employed people since November 2011. There were 2.5 million more employed individuals in May 2020 than in the prior month, a increase of 1.9%. When compared to May 2019 employment has been reduced by 17.7 million or 11.7%.
Unemployment rate has decreased when compared by 1.4% when compared to April and stood at 13.3 in May. Despite this decrease May 2020 has reported the highest unemployment rate for a single month as far data from the Bureau of Labor Statistics (BLS) goes. The only other month with a higher unemployment rate than May is the month prior, April 2020.
The current state of the Unites States’ labor market reflects the effects of the COVID-19 pandemic and efforts to reduce its strain on the labor market. The BLS reports that employment has increased in the leisure and hospitality, construction, education and health services and retail trade sectors. On the other hand, employment has continued to decline in the government sector
The U.S. currently has the highest amount of active COVID-19 cases in the world, a worrisome fact for the labor market and the economy. Despite this the labor market has managed to perform start to recover when compared to April, however it is still worse off than in May 2019. The US has been seeing less new daily cases in May than in April so all this could very well be the start of a path to recovery for the labor market.