There was some good news in May’s jobs report with over 3 million private industry jobs being added after losing almost 20 million in April. While the official unemployment rate decreased from 14.7% in April to 13.3% in May, due to 4.9 million people being incorrectly classified the more accurate rate is 16.4% for May. This is still down from a more accurate rate of 19.5% in April (14.7% reported but 8.1 million people misclassified). While May’s report is positive and the economy is opening up to some degree, there is still a long road ahead to get even get close to where the economy was before the coronavirus hit. ... (full story)