US Employment Jumps 2.5 Million in May, as Unemployment Falls to 13.3 Percent

From cepr.net

Seventy-three percent of the unemployed report being on temporary layoffs. The May jobs numbers were considerably better than most analysts had expected with the economy reportedly adding 2,509,000 jobs, while the unemployment rate fell by 1.4 percentage points to 13.3 percent. This improved labor market picture should not have been surprising since many businesses across the country had reopened by the survey week in mid-April. The high number of unemployment insurance claims, continuing through May, likely gave a wrong picture, as delays in processing caused claims to appear much later than they had been filed. The ... (full story)