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May jobless rate falls to 13.3%, likely marking the bottom of coronavirus-related economic slump

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The May jobs report showed an unexpected rise in the number of non-farm payrolls in the economy and a drop in the unemployment rate from April.
The Labor Department released the May jobs report Friday at 8:30 a.m. ET. Here were the main results from the report, compared to Bloomberg consensus data:
  • Change in non-farm payrolls: +2.509 million vs. -7.5 million expected and -20.687 million in April
  • Unemployment rate: 13.3% vs. 19.0% expected and 14.7% in April
  • Average hourly earnings month on month: -1.0% vs. +1.0% expected and +4.7% in April
  • Average hourly earnings year on year: +6.7% vs. +8.5% expected and +8.0% in April
The Labor Department’s surveys captured the period including the 12th of the month, meaning the May report included only the very early stages of reopening in some parts of the U.S. amid the coronavirus outbreak.





A store stands closed near Wall Street as the coronavirus keeps financial markets and businesses mostly closed on May 08, 2020 in New York City. The Bureau of Labor Statistics announced on Friday that the US economy lost 20.5 million jobs in April. This is the largest decline in jobs since the government began tracking the data in 1939. (Photo by Spencer Platt/Getty Images)
A store stands closed near Wall Street as the coronavirus keeps financial markets and businesses mostly closed on May 08, 2020, in New York City. The Bureau of Labor Statistics announced on Friday that the US economy lost 20.5 million jobs in April. This is the largest decline in jobs since the government began tracking the data in 1939. (Photo by Spencer Platt/Getty Images)


Ahead of the May jobs report, some other surveys showed encouraging drops in new job cuts relative to April, offering some hope for a further easing in payroll declines in the BLS report. The closely watched ADP report on private payrolls released Wednesday showed private employers cut 2.76 million jobs in May, or less than one-third the 9 million expected, and just a fraction of the 19.6 million from April. Economists expect the Labor Department report will show private payrolls dropped by 7.25 million in May.

“The ADP report isn't always a reliable predictor of the BLS data, but it suggests that the pace of job loss moderated noticeably between April and May, even though it remained substantial relative to pre-COVID-19 norms,” JPMorgan economist Daniel Silver said. “This is a message broadly consistent with some other related signals, and the labor market likely has benefitted from the easing of restrictions on activity in many places in recent weeks


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