Irma Wheeler, owner of Illusions of Shirlington hair salon, tries on a new safety barrier for clients a day before they reopen in Arlington, Virginia, on May 28. | Andrew Cabellero-Reynolds/AFP via Getty
A surprisingly quick bounce back from pandemic lows.
The American economy added 2.5 million jobs in May and the unemployment rate fell to 13.3 percent, according to data released Friday morning by the Bureau of Labor Statistics.
That’s still the highest level the United States has seen since the Great Depression, a reflection of the damage that Covid-19 and lockdowns have inflicted on the economy. But it also represents a bounce back from last month’s rate of 14.7 percent. And to be clear — it’s a huge and somewhat puzzling surprise.
Consensus forecasts called for something like 7 million additional job losses in May, based largely on inferences from the