On Friday morning, the Department of Labor released unemployment data showing rates fell from 6.1% to 5.8% and 599,000 jobs added to the workforce.
The findings show this number fell short of original predictions of expected job-growth. This is significant since the lack-luster increase in new jobs created follows April’s dismal jobs report. To many, this is a sign of unexpected severe challenges related to how the United States is being led back towards recovery.
According to the Wall Street Journal, economists adjusted their predictions for May’s job growth in light of April’s surprisingly low performance, saying that they expect 671,000 jobs to be added, coupled with a 5.9% unemployment rate. Comparing predictions with results, the Biden Administration missed their mark by about 100,000 jobs.
US small business owners have reported nearly half of businesses have unfilled job roles in May. This has resulted in extordinary effort made by small business owners who are trying to persuade potential employees to forgoe the Biden Administration’s incredible increase in unemployment benefits and become a working adult. However, speculation as to the reasons why able-bodied working-age adults are not filling jobs. According to the Wall Street Journal, “Economists have pointed to a variety of other factors that could be contributing to constrained job growth. Those issues include some workers’ concerns about contracting the coronavirus, child-care responsibilities preventing some parents from returning to work, and a federal supplement for recipients of unemployment benefits.”
Despite two months of dissapointing employment news, Former Vice President Joe Biden says “our economy is moving in the right direction.”
