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US job growth roared back in May: These industries saw the biggest gains
June jobs data should be able to keep positive trend line: Former Labor Department chief of staff
Former Labor Department Chief of Staff Paul Conway provides insight into the May jobs report and argues positive trend lines with state policies should continue for June.
The U.S. economy added a stunning 2.5 million jobs in May and the jobless rate dropped to 13.3 percent, the Labor Department said on Friday, pointing to a swifter-than-expected rebound from the unprecedented coronavirus lockdown.
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"Today was a shocking jobs number – and for the first time this year it was a positive shock," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. "It’s very encouraging to see workers being recalled back by their employers and the unemployment rate dropped back down in May."
The private sector accounted for the majority of the gains last month, with nearly 3.1 million positions added to the payroll, according to the Labor Department's report released on Friday.
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The biggest gains took place in the leisure and hospitality industry, which added a staggering 1.2 million jobs last month. In April, the industry — the hardest hit by the virus outbreak – lost 7.5 million jobs.