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American employers add 2.5M jobs, unemployment retreats

American employers add 2.5M jobs, unemployment retreats

The U.S. jobs report released on Friday showed that American employers unexpectedly added jobs in May, while the unemployment rate retreated, yet the figures still reflected the impact of the Covid-19 on the labor market.   

Analysts predicted a job cut of 7,750,000, compared to the actual reading of 2,509,000 added jobs, while the previous reading of 20,537,000 jobs lost was revised to 20,687,000 job-shed in April.

The unemployment rate retreated from 14.7 percent to 13.7 percent, compared to analysts’ projections of 19.4 percent.   

The average hourly earnings, however, dipped 1.0 percent last month after a 4.7 percent increase in April, compared to estimates of 1.0 percent rise. The annual earnings growth reached 6.7 percent from 8.0 percent.

Data released on Thursday showed that initial jobless claims increased by 1.88 million in the week ended May 30, following a total of 2.13 million a week before.  

The dollar index, which tracks the movements of the green currency versus a basket of major currencies, traded slightly higher from the session’s open at 96.77, as of 12:37 GMT. 

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