The US job market took a big step toward healing in May, though plenty of damage remains, as a record level of hiring followed record layoffs in March and April. The Labor Department reported Tuesday that the number of available jobs increased sharply as well, but remained far below pre-pandemic levels. Layoffs soared in March to a stunning 11.5 million, roughly four times the peak during the 2008-2009 recession. While that is the most hires on records dating back to 2000, it wasn't nearly enough to offset the roughly 19 million layoffs in March and April. The JOLTS report provides gross totals of hiring and layoffs, while the monthly jobs report, which also includes the unemployment rate, is a net figure of total jobs gained or lost.-AP

Source: The Standard July 07, 2020 15:12 UTC