Employment resumes in the United States, but without overheating

A restaurant in Mayfield Heights, Ohio, is looking for employees, June 4, 2021.

The recovery of the labor market continues, but less quickly than hoped. The United States thus created 560,000 jobs in May, which allowed the unemployment rate to fall from 6.1% to 5.8% of the working population.

This figure can be explained in particular by the 292,000 jobs found in tourism, hotels and restaurants: companies belonging to these sectors are returning to activity due to the sharp decline in the Covid-19 epidemic, more than half of the adult population now being vaccinated. In addition, more than 100,000 jobs in the field of education are added as schools reopen their doors.

The national economy has recreated 14.7 million of the 22 million jobs destroyed at the start of the health crisis, but it still lags 7.2 million in this area compared to January 2020.

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The May figure was eagerly awaited by all observers – whether economic or political – after the disastrous performance recorded in April. That month, the country had created just 266,000 jobs, far less than the million expected. The release of the disappointing statistic had put Democratic President Joe Biden in trouble, with Republicans accusing his massive stimulus package of being both costly and ineffective.

The road will be long

Today’s figure is a relief, even if it is lower than the 670,000 job creations that economists were counting on. “It’s historic progress”, welcomed Mr. Biden, Friday, June 4. “No other major economy in the world is growing as fast as ours. No other great economy creates jobs as quickly as ours ”, added the tenant of the White House, as the meeting of G7 finance ministers opened in London.

Of course, Republicans did not share this analysis. They accuse Joe Biden of inciting Americans to refuse jobs, with the weekly unemployment benefit of 300 dollars (247 euros). “Another bad jobs report – 100,000 jobs less than expert estimates, launched Republican House Leader Steve Scalise (Louisiana), on the social network Twitter. This is what happens when you pay people not to work. What did the Democrats expect? “

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