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The U.S. economy added 559,000 jobs in May, the Bureau of Labor Statistics announced Friday in a report that managed to be both reassuring and disappointing at the same time.
On the positive side, job growth in May was significantly stronger than it was a month earlier, and the unemployment rate dropped three-tenths of a point to 5.8%, the lowest level since March 2020. The jobs numbers are moving in the right direction, increasing confidence that the economic recovery from the Covid-19 pandemic is gathering momentum.
Job growth was weaker than expected, though, with many economists hoping to see more than 670,000 jobs added in May. And the labor participation rate was little changed, suggesting that millions of workers remained on the sidelines last month, despite growing demand that is beginning to show up in significant wage increases.
The hot-button issue where DeSantis is not out in front How Biden s cash paid for Florida GOP s pet education priorities President extends TPS for Haitians
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Where we stand It’s no secret that Florida’s unemployment benefits are among the lowest in the nation. And state lawmakers due to opposition from House Speaker Chris Sprowls and Gov. Ron DeSantis refused to consider raising them.
Staying put But DeSantis has so far left intact the extra federal benefits that are responsible for pouring in more than $22 billion into the state’s economy since the start of the pandemic. Governors in 22 other states including the neighboring states in Alabama and Georgia have moved to opt out of these extra benefits before they expire on Sept. 6.
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