Friday, June 5, 2020

Jobs news

After months of bad news about disease, the economy, racial strife, here's something real good as reported by CNN:

"The [U.S.] job market may be recovering well ahead of schedule."

In April, unemployment was over 14%. Economists worried that unemployment might climb to 20% (recession level) in May because of quarantine-induced business slowdown and failure. But the U.S. "unemployment rate surprisingly fell to 13.3% in May, as the economy gained 2.5 million jobs." 

Why were experts' predictions so far off? Because this economic downturn, unlike normal ones, was engineered on purpose by government. Economists had no experience with this kind, because it's the first to happen.

"There is no underselling it, this was a huge surprise," said one economist. 

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