The Bureau of Labor Statistics’ monthly Employment Situation revealed that the unemployment rate is once again on the decline, dropping from 6.1% to 5.8%. 559,000 jobs were added in May, more than twice as many as April’s numbers.
As restrictions continue to ease with over 40% of the U.S. population fully vaccinated, schools and businesses are reopening, causing hiring to spike. The largest job gains were seen in the leisure and hospitality sector, with 292,000 jobs added to restaurants and bars, and public and private education added 144,000 jobs.
Additionally, the healthcare and social assistance sector added 46,000 jobs, transportation and warehousing added 23,000 jobs, and professional and business services saw an increase of 35,000 jobs.
Hireology customers also fared well last month, making over 10,000 hires. Our customers have seen an average of just over 8,000 hires per month in 2021, so this trend is encouraging.
We’re seeing other promising economic patterns as well: new businesses are opening at the fastest pace on record, the number of Americans seeking unemployment aid has fallen for the fifth consecutive week, and analysts project that by the end of 2021, gross domestic product will exceed pre-pandemic predictions.
While the economy seems to