Unhappy with all forecasts, unemployment started to fall again in the United States in May, when observers saw it soar, offering a breath of fresh air to Donald Trump, who is facing a historic movement of anti-racist demonstrations, and to many critics of all stripes.
President Donald Trump immediately self-congratulated himself on the surprise drop, hailing a “really great job report” on Twitter. Great President Trump (I'm kidding but it's true)! " He announced a press conference dedicated to this good news. The unemployment rate fell to 13.3% in May, while the most pessimistic analysts saw it approaching 20%, due to the coronavirus pandemic, according to data released Friday by the Labor Department.
In just two months, the rate had climbed like never before, dropping from 3.5% in February, its lowest level in 50 years, to 14.7% in April, its highest in 80 years. In May, 2.5 million jobs were created, when analysts expected 8.5 million jobs destroyed. The reopening of shops and restaurants that began in some states in May, allowed the world's largest economy to recover.
Restarting in the catering trade
The employment situation has thus improved in the leisure and hotel sectors, in construction, education and health services, as well as in the retail trade. On the other hand, it deteriorated in the administration. In the United States, each of the 50 states that make up the country decides what to do to allow businesses, restaurants, schools, businesses to resume their activity.
They are gradually starting their recovery, for several weeks already for some like Texas or Georgia. The employment situation is expected to continue to improve, as fewer Americans register for unemployment each week than the previous one.
They were less than two million last week, for the first time since the Covid-19 crisis hit the country's economy hard in mid-March. However, this remains ten times higher than before the pandemic.
"During the same week last year, 220,000 requests had been made," notes independent economist Joel Naroff.
The GDP of the world's largest economy could fall by 20 or 30% year on year in the second quarter, after having fallen by 4.8% in the first three months of the year.
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