For sure, it’s a good start. The Bureau of Labor Statistics (BLS) is reporting today, June 5th, that the total number of U.S. jobs in May rose by 2.5 million. And that the unemployment rate, seasonally adjusted (SA), fell to 13.3% from 14.7% in April.
The true unemployment rate is higher because a lot of working-age adults have stopped looking for positions. They’ve given up the quest for the moment. Nevertheless, the ‘participation rate’ did increase slightly in May to 60.8% from 60.2% in April. (In May 2019, it was 62.9%.)
Now that the reopening of state economies is underway, the story going forward will be about the degree to which employment is recovering.