WASHINGTON: US unemployment dropped unexpectedly in May to 13.3 per cent as reopened businesses began recalling millions of workers faster than economists had predicted, triggering a big rally Friday on Wall Street and giving President Donald Trump something to boast about in his reelection bid.

The jobless rate is still on par with what the nation witnessed during the Great Depression. And for the second straight month, the Labor Department acknowledged making errors in counting the unemployed during the coronavirus outbreak, saying the real figure is worse than the numbers indicate.

Still, after weeks of dire predictions by economists that unemployment in May could hit 20pc or more, the news that the economy added a surprising 2.5 million jobs last month is evidence that the employment collapse most likely bottomed out in April, when the rate reached 14.7pc.

Published in Dawn, June 7th, 2020