Jobs rebound in May but unemployment remains high after April decline in 91% of metros
Nonfarm payroll employment in May rebounded by an unexpected and historic 2.5 million, seasonally adjusted, following a plunge of 20.7 million in April and 1.4 million in March, the Bureau of Labor Statistics (BLS) reported on Friday. The unemployment rate declined to 13.3% from 14.7% in April. Construction employment in May totaled 7,043,000, an unprecedented one-month increase of 464,000, following a record one-month decrease of 995,000 in April and a decline of 65,000 in March. Construction accounted for nearly 19% of the total gain for the month even though the industry constitutes only 5% of nonfarm employment. The huge pickup may reflect the industry’s widespread receipt of Paycheck Protection Program loans and the loosening of restrictions on business activ ity in some states. Nevertheless, employment was only back to the level reached in late 2017.