May jobless rate falls to 13.3%
The government reported Friday that the unemployment rate dropped to 13.3% last month after soaring to 14.7% in April, an unexpectedly positive turn that suggests the pandemic-induced recession may have hit bottom.
Most analysts had expected the rate would keep rising, perhaps as high as 20%.
But instead employers also added 2.5 million jobs in May after shedding a record-smashing 20.7 million positions the prior month, according to the Bureau of Labor Statistics.
