The May jobs report announced that unemployment is at 5.8%, a 0.3% decrease from the April jobs report.
We are currently down to 9.3 million people still unemployed, a slight improvement from the 9.8 million reported in April but still above the pre-pandemic report of 5.7 million people unemployed with a 3.5% unemployment rate.
Employment in leisure and hospitality increased by 292,000 in May, with 186,000 (two-thirds) being specific to foodservice and drinking places. The industry has added back 5.5 million jobs over the year, but employment is still down by 2.5 million since February 2020. The unemployment rate is at 10.1%.
From the Bureau of Labor Statistics
The number of temporary layoffs – or furloughs – is at 1.8 million, down from the 18.0 million in April 2020, but still 1.1 million higher than in February 2020 (pre-pandemic).
The Department of Labor reported that another 385,000 workers filed for unemployment the week of June 3rd, a decrease of 20,000 from the previous week.