Unemployment decreases in the United States thanks to the creation of 2.5 million jobs in May

Unemployment decreases in the United States thanks to the creation of 2.5 million jobs in May

Unemployment in the United States fell slightly to 13.3% during May, a figure that is still high but surprisingly lower than the almost 20% expected, after more than two months of an economy paralyzed by the coronavirus pandemic.

Some 2.5 million jobs were created during May, halting the job losses that had been generated since March and that had raised unemployment to 14.7% in April.

However, Hispanics are still the most affected. During May, this group registered 17.6% unemployment, higher than that of African Americans (16.8%), Asians (15%) and whites (12.4%).

The figure for May remains high, so it will take several months for those who lost their jobs in March and April to get it back, according to some economists who predict unemployment will remain in double digits until November, when it is the presidential elections.

The number of people who applied for unemployment benefits in the past week also showed a drop from the worst weeks of the health and economic crisis. It is the first time that the figure has dropped to two million since mid-March, a month in which a record of 6.8 million was reached.

The sectors that improved in May

The leisure and tourism industry generated the most jobs in May, with 1.2 million, after having lost 7.5 million workers in April and 743,000 in March.

In the construction sector, 464,000 jobs were generated since the fall of almost 1 million in April.

Another 424,000 jobs were generated in the areas of education and health services, areas in which 2.6 million jobs were lost in April.

Retail added 368,000 new jobs, after losing 2.3 million in April. The industrial sector increased its jobs by 225,000. In April it had lost 1.3 million. In other industrial services, 272,000 new jobs were generated.

What to do if you lost your job during the pandemic?

First, stay calm and follow these tips for managing the stress and anxiety that were caused by job loss.

Then apply for unemployment benefits. Many states offer 26 weeks of financial support and, thanks to the stimulus package approved by Congress, benefits have increased by $ 600 in the first four months.

If you have an emergency fund, it’s time to use it. It is also time for you to analyze your monthly expenses and eliminate all those that are unnecessary.

Foreclosures and evictions have been suspended. However, it is recommended that you contact your landlord or your bank, if you own the home, to let them know that you have become unemployed.

Also contact your basic service providers, although many companies have pledged not to cut services in case people can’t afford them.

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