ShutterstockThe US economy unexpectedly added jobs in May after suffering record losses in the prior month, offering the clearest signal yet that the downturn triggered by the Covid-19 pandemic was probably over, though the road to recovery could be long. It followed on the heels of surveys showing consumer confidence, manufacturing and services industries stabilising. Economic conditions have significantly improved as businesses reopened after shuttering in mid-March to slow the spread of Covid-19. “It took years for the economy to grow enough to find jobs for those unemployed in the last recession, and it will take years again this time to do the same.”Non-farm payrolls rose by 2.5 million jobs last month after a record plunge of 20.7 million in April. Economists polled by Reuters had forecast payrolls falling by 8 million jobs in May.

Source: The Telegraph June 05, 2020 20:37 UTC