U.S. Unemployment Was Down in May, But We're Not Out of the Woods
In April, the U.S. unemployment rate hit 14.7%, its highest on record. Economists feared the unemployment rate would climb even higher in May, what with millions of Americans still out of work, but today's jobs report told a different story: The unemployment rate actually dropped to 13.3%, with the economy gaining 2.5 million jobs.
Clearly, that's good news, especially since some predicted that May's unemployment level would reach 20%. But let's be clear: 13.3% unemployment is still a pretty dire number. Back in February, the jobless rate was just 3.5%, and the economy on the whole was in a much different place. While it's encouraging to see some amount of job gain in May, we still have a long road ahead to get back to where we were in February.
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Source Fool.com
