SAY THAT AGAIN

U.S. Unemployment Actually Dropped in May, the Labor Department Says

But economists say the numbers have to be treated with caution due to the unprecedented nature of the coronavirus pandemic.

The U.S. unemployment rate unexpectedly dropped to 13.3 percent in May, according to government figures, but experts pointed out that the coronavirus pandemic may have made it more difficult for statisticians to come up with a reliable figure. The shock announcement came after economists predicted the rate would rise to a new high near 20 percent. Instead, it’s down from April’s record of 14.7 percent. The figure came from the Labor Department’s monthly employment report, which said the U.S. added 2.5 million jobs due to a “limited resumption of economic activity” following the worst of the pandemic. But Prof. Justin Wolfers from the University of Michigan said the numbers must be treated with caution as the pandemic has forced statisticians to change their methodology. “The unemployment rate is surely understated, and even the BLS agrees that in reality it’s 16 percent rather than 13 percent,” he wrote. Nevertheless, President Trump was jubilant about the figures, writing: “Really Big Jobs Report. Great going President Trump (kidding but true)!”