Job creation has picked up again in the United States following disappointing April data, reflecting its economy struggling to find enough workers as growth accelerates and the recovery takes shape. In May 560,000 jobs were created , almost double the previous month, a figure that has left the unemployment rate at 5.8% of the labor force, three tenths less than in April.

While those numbers are slightly below economists’ expectations, they have been bolstered by rising wages., which increased for the second consecutive month. “This is not an accident or a fluke,” said President Joe Biden before taking credit for these latest economic results.

Biden assured that the acceleration of employment responds to the policies promoted by his Administration, from the vigorous vaccination campaign, to public aid to companies and municipalities , or efforts to reopen schools and support families with young children. “We are making historic progress, progress that is pulling our economy out of the worst crisis in 100 years.”

The Democrat stressed that the two million jobs created since he came to power is the highest figure recorded in the first four months of a president’s mandate in several decades and took his chest from the growth projections, which continue to place the United States as the fastest-recovering advanced economy.

Job vacancies
The latest projections from the OECD predict growth for this year of 6.9% of GDP , an unheard of figure since the 1980s. But as Biden admitted, there is still a lot to do.

The labor market has yet to regain 7.6 million jobs that were lost during the pandemic, despite the fact that many companies are struggling to fill their job vacancies, a mismatch Republicans attribute to a $ 300-a-week increase in jobs. federal aid to the unemployed . Those subsidies, which 25 Republican states have suspended, will end in September. “It makes sense,” Biden said.

By Michael Taylor

Michael Taylor is a journalist who intends to build a bright career in the media industry, He has a great interest and knowledge about the Business industry for TheBioChronicle. Hence, He loves to cover the hottest news in the Sports niche. Michael also published his articles in New York Post, NPR and Sky Sports.

Leave a Reply

Your email address will not be published. Required fields are marked *