The .gov means it's official. The corrected April figure would have been more than 19.5% —rather than 14.7%. 14.3 1.0 â¦ Despite this improvement, a significant gap between wage income growth and its recent trend suggests that an additional round of fiscal measures in the second half of the year, directly aimed at supporting the labor market, may still be required.”, -- Yelena Shulyatyeva, Andrew Husby and Eliza Winger. And the return to work is uneven, with unemployment ticking up among African Americans to 16.8%, matching the highest since 1984, even as unemployment rates declined among white and Hispanic Americans. If it weren't for that issue, the unemployment rate could have been as high as 19.2% in April and 16.1% in May, not including seasonal adjustments, the BLS said. The employment-population ratio rose to 52.8% from 51.3%. But after Friday's outperformance, experts might rethink their models. Even after the buoyant May jobs report, there are plenty of unknowns, and economic forecasts could continue to fumble, said Nela Richardson, investment strategist at Edward Jones. But not all new jobs were full-time positions. The September numbers from the Labor Department report reflected a bounce-back in the economy; the unemployment rate reached 13.3% in May but … Had the mistake been corrected, the unemployment rate would have risen to 16.1% in May. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. See the 2020 Media Advisory annual schedule for a complete list of release dates. Unemployment rate falls to 6.9 percent in October 2020. "There is no underselling it, this was a huge surprise," said Daniel Zhao, senior economist at Glassdoor. Showing 20 /38. Economists surveyed by Refinitiv expect to the unemployment rate to have hit 16.1% last month, which would be its highest level since 1939. Jobs also returned in retail, as well as education and health services which are counted together as one sector. The current, second quarter of the year is still expected to be ugly, with forecasts as dire as a 40% annualized drop in GDP. People wait on a â¦ That comes after an 8.7 percentage point collapse in April -- when the ratio hit its lowest level since records started in 1948. The declining headline unemployment rate also doesn't tell the story of discrepancies between demographic groups. Another 2.1 million initial unemployment claims were filed last week, marking the tenth-straight week with jobless claims topping at least 2 million. Passes 25 Million Cases Year Into Covid Fight: Virus Update, What to Know About Vaccine-Linked Deaths, Allergies, Trump-Branded New York Building Looks to Remove President’s Name, Hedge Funds Beef Up Tech Holdings Before Apple, Amazon Earnings. The US unemployment rate surprisingly fell to 13.3% in May, as the economy gained 2.5 million jobs. Estimize Consensus 38 estimates included in consensus. Unemployment rate The unemployed are people of working age who are without work, are available for work, and have taken specific steps to find work. According to the Bureau of Labor Statistics' monthly jobs report, America lost more than 20 million jobs in April alone, pushing the unemployment rate to 14.7%. The official unemployment rate is now 14.7%, the worst since records began. If it weren't for those misclassifications, the unemployment rate would have been higher â around 19.2% in April and 16.1% in May, not including seasonal adjustments. Unemployment Rate in Thailand decreased to 2 percent in November from 2.09 percent in October of 2020. Updated 1610 GMT (0010 HKT) June 4, 2020 â¦ But there's light at the end of the tunnel . The broader U-6, or underemployment rate -- which includes those who haven’t searched for a job recently or want full-time employment -- fell only slightly to 21.2% in May from 22.8%. Meanwhile white Americans saw the largest decrease in unemployment of any racial group, going from 14.2% in April to 12.4% in May. “Clearly the labor market turned the corner in late April, early May. The number of unemployed across the OECD area, which now includes Colombia, rose by 2.1 million to 37 million in March. All rights reserved. Local area unemployment statistics for May 2020 will be released on Tuesday, June 23, 2020. The unexpected improvement wasn’t limited to the U.S. figures. But state and local government workers were hammered for a second month, with 571,000 job cuts. Unemployment Rate in the United States averaged 5.77 percent from 1948 until 2020, reaching an all time high of 14.80 percent in April of 2020 and a record low of 2.50 percent in May of 1953. The participation rate -- or the sum of employed and unemployed Americans as a share of the working-age population -- advanced to 60.8% from 60.2%, with both indicating people are coming back to work. A policy of wage subsidies seems to have kept workers in jobs: The EU unemployment rate only increased to 6.6 percent in April compared to 6.4 percent in â¦ Government jobs declined by 585,000. New York (CNN Business)The American economy just got a shocking piece of good news: The job market may be recovering well ahead of schedule. "We're going to be back and we're opening our country," said Trump during a. He also said he’ll ask Congress to pass more economic stimulus, including a payroll tax cut. The broader U-6, or underemployment rate -- which includes those who haven’t searched for a job recently or want full-time employment -- fell only slightly to 21.2% in May from 22.8%. In December 2020, the national unemployment rate was at 6.7 percent. A broad gauge of payrolls rose by 2.5 million in May, trouncing forecasts for a sharp decline following a 20.7 million tumble the prior month that was the largest in records back to 1939, according to Labor Department data Friday. Labor force data are restricted to people 16 years of age and older, who currently reside in 1 of the 50 states or the District of Columbia, who do not reside in institutions (e.g., penal and mental facilities, homes for the aged), and who are not on active duty in the Armed Forces. While the overall picture improved, there are still major caveats: 21 million Americans remain unemployed with a jobless rate higher than any other time since 1940, indicating a full recovery remains far off with many likely to suffer for some time. The government responded to the crisis with a multi-trillion rescue package that expanded unemployment benefits to help the country through this recession. This is evident in the estimates by Coibion et al. For example, overall unemployment went down, but. Wages and working hours have also remained relatively stable. ï»¿ ï»¿ï»¿ï»¿ï»¿ï»¿ It's much better than the 22.9% rate in April that was close to the Great Depression's record unemployment rate of 25.6%. In April, the black unemployment rate was 16.7%, in May it was 16.8%. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Following the shutdown of the economy in March, predicting what a reopening would look like and whether the labor market would bounce back proved difficult for economists. That brings the total unemployment claims over the past seven weeks to a staggering 33.5 million. Average hourly earnings for employed private workers rose 6.7% in May from a year ago, following 8% in April, as the return of low-wage workers skewed pay figures back downward a bit. Total US employment has still been set back by nearly a decade. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. The Department of Labor releases the latest national unemployment rate at the beginning of each month. “Sectors hit hardest by the coronavirus are the ones seeing the largest bounceback in employment.”. Read more: Bloomberg’s TOPLive blog on the jobs report. Unofficial US unemployment rate may be over 25%, new data reveals. November 12, 2020. As a result, the U.S. unemployment rate shot up from 3.8% in February – among the lowest on record in the post-World War II era – to 13.0% in May. The unemployment rates for January 2020 through November 2020 (as originally published and as revised) appear in table A on page 7, along with additional information about the revisions. Well, this downturn isn't like any others. But predictions for the May unemployment rate are even higher. Unexpectedly Adds 2.5 Million Jobs in May. All Estimates for MAY 2020 View all-time analyst rankings for Unemployment Rate. The report Friday from the Labor Department said the unemployment rate fell to 6.9% from 7.9% in September. Thatâs becoming more and more likely, according to Moodyâs Analytics, which projects a peak unemployment rate in May of about 17%. The US economy relies on consumer spending, which is why it's so important to keep American wallets stuffed with cash. An official website of the United States government Here is how you know . Another 2.4 million initial unemployment claims were filed last week, marking the ninth-straight week with jobless claims topping at least 2 million. In 2020, the unemployment rate in the United Arab Emirates was at 2.45 percent of the total labor force. America’s labor market defied forecasts for a Depression-style surge in unemployment, signaling the economy is picking up faster than anticipated from the coronavirus-inflicted recession amid reopenings and government stimulus. The unemployment rate has ticked up just two-tenths of a percentage point since February, to 2.6 percent. "Just as much as we were hoping that job losses were temporary, we have to make sure that the job gains are permanent," said Richardson. Another 3.2 million Americans filed initial unemployment claims in the week ending May 2. In February, it was 7%, with the main unemployment rate at a half-century low of 3.5%. The rate ties the highest level it was at during the Great Recession. That comes amid nationwide protests over police mistreatment of African-Americans, which have drawn renewed attention to race-based inequality. The latest figures may give a boost to Trump, who has fallen behind Democratic challenger Joe Biden in polls amid dissatisfaction with the president’s response to the pandemic and the death of George Floyd. Although still below the U.S. unemployment rate of 6.7% last month, unemployment in Tennessee at the end of 2020 was nearly double the 3.3% rate in the state a year earlier. Unemployment Rate in Thailand averaged 1.41 percent from 2001 until 2020, reaching an all time high of 5.73 percent in January of 2001 and a record low of 0.39 percent in November of 2012. The employment-population ratio, which measures how much of the working age population is employed, rose 1.5 percentage points to 52.8%. Nine of California’s 11 industry sectors gained jobs last month. Federal government websites often end in .gov or .mil. U.S. stocks jumped after the report with the S&P 500 up 2.9%, adding to weeks of gains in equities since mid-March. 17.5 06/05/20 show. Construction jobs, for example, increased by 464,000 in May, gaining back nearly half of what they lost in April. … North of the border, Canadian employment rose 290,000 in May, compared with forecasts of a 500,000 slump, its statistics office reported Friday. The wide range partly reflects the challenge of measuring unemployment when shelter-in-place restrictions prevent active job search in much of the country. Get the Unemployment Rate results in real time as they're announced and see the immediate global market impact. The current U.S. unemployment rate is 6.7% for December 2020, the Bureau of Labor Statistics (BLS) said in its monthly report on Friday. Goldman Sachs (GS) said earlier this week it expected a rate of 25%. Analysis. By â¦ Without the error, the unemployment rate would be higher: 16.3 percent for May, down from 19.7 percent for April, the agency said. The unemployment rate comes from a survey where Census workers ask about 60,000 households questions about whether they are working or looking for a job the week of May 10 to 16. More black workers joined the labor force last month, but because not all of them got jobs the unemployment rate ticked up. All rights reserved. Last Revised. The unemployment rate at 16.3 percent was up by one-tenth of a percentage point from the revised April estimate of 16.2 percent. The COVID-19 outbreak and the economic downturn it engendered swelled the ranks of unemployed Americans by more than 14 million, from 6.2 million in February to 20.5 million in May 2020. white workers were the ones reaping the benefits. This temporary relief is provided through the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Analyst Rank Points Value (%) Delta To Actual. Unemployment Rates, OECD - Updated: May 2020 OECD unemployment rate up sharply in March 2020 with data for April pointing to an unprecedented rise . Hopes for a V-shaped recovery, which had been all but abandoned following the April labor market numbers, might be revived. This has never been done before and it made it hard for economists to predict how the real world would behave. Factset: FactSet Research Systems Inc.2018. Unemployment rate soars to 14.7% By Anneken Tappe, CNN Business Updated 1:27 PM ET, Fri May 8, 2020 With much of the American economy in self … The real unemployment rate (U-6) is a broader definition of unemployment than the official unemployment rate (U-3). Workers who make less than living wage and those who have given up looking for work not included in data See Your State's November 2020 Unemployment Rate The latest jobless figures by state help quantify the economic impact of the coronavirus pandemic. Manufacturing payrolls rose by 225,000, following a 1.32 million decline in April. And the total number of jobs is at its lowest point since December 2011. May 8, 2020 at 9:05 p.m. UTC The U.S. unemployment rate jumped to 14.7 percent in April, the highest level since the Great Depression, as many … Before it's here, it's on the Bloomberg Terminal. The unemployment rate, which was at about 3.5% in February, now stands at an uncomfortably high 14.7%. He expects June economic and labor-market data to show further improvements and plans to revise up his forecast for second-quarter gross domestic product. Even with the surprising bit of good news, the job market remains in a deep hole, with nearly 20 million fewer jobs than in February.