Economic Recovery Accelerates From Crawling to Just Slow
Economic recovery will not be reached quickly here.
The employer returned 559,000 jobs to the U.S. economy in May. This is more than double the previous time. MoonThis confirms that the economy is recovering from the pandemic, but is recovering more slowly than economists predicted.
According to Mike Fratantoni, chief economist at the Mortgage Bankers Association, earnings were “lower than expected.” This number is part of the monthly employment statistics released by the Bureau of Labor Statistics.
Leisure and hospitality, the industries most affected by the virus, pushed job growth, which took 292,000 employees last month, down slightly since April Restaurants and bars are hired most of the time and recovered 186,000 employees.
It’s summer exam This is due to the strength of the industry, as many Americans are expected to spend their vacation for the first time in a year. However, as many companies continue to operate virtually, the business travel sector expects a more gradual recovery.
The percentage of people returning to work in the office slowed last month, with 16.6% of employees working remotely, down from 21% and 18.3% in March and April, respectively.
Working in the retail industry has changed quite a bit. Working in real estate and leasing and leasing has slowed since April. The construction industry lost 20,000 jobs as jobs in non -residential buildings declined. Rise Request New homes outpaced job growth, reflected in price increases, and homebuilding employment only slightly increased in May.
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“While there is an ongoing debate over whether increasing unemployment benefits will deter people from finding work, in May, people faced more long -term unemployment than in any other month this year,” he said. said Fratantoni. I found a lot of work.
The economist’s concern about long-term unemployment stems from its disruptive impact, which increases the likelihood that individuals will fall into the workforce and quit all job searches.
However, the US economy is expected to grow in 2021 more than any other year in the last decade. The welcome news also raised concerns about 1970s style. inflation Among some economists, government policy objectives continue to inspire the economy.
Last May, the economy 2.5 million jobs The government -ordered closure and loss of 22.1 million jobs has led to the emergence of many businesses and unprecedented turmoil in the country’s labor market.
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