LIVE: Biden Delivers Remarks on May Jobs Report in Rehoboth Beach, Delaware

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  • Bloomberg Quicktake: Now published this video item, entitled “LIVE: Biden Delivers Remarks on May Jobs Report in Rehoboth Beach, Delaware” – below is their description.

    (June 4) Watch live as President Joe Biden delivers remarks on the May jobs report on Friday, June 4, 2021, at the Rehoboth Beach Convention Center in Rehoboth Beach, Delaware.

    U.S. job growth picked up in May — along with worker pay — and the unemployment rate fell, signaling firms are making some progress filling a record number of openings as the economy powers up.

    Payrolls increased by 559,000 last month after a revised 278,000 gain in April, according to a Labor Department report Friday. The median estimate in a Bloomberg survey of economists was for a 675,000 rise. The jobless rate dropped to 5.8%, while the labor participation rate was little changed.

    “On the surface, yes, the jobs numbers were strong, a half million jobs is obviously a good thing, but given where we are in the economy, all else equal it could have been stronger,” Michelle Meyer, head of U.S. economics at Bank of America Corp., said. “The fact that it wasn’t is likely a function in large part to supply constraints and labor shortages.”

    Long-term Treasury yields declined, the dollar fell and the S&P 500 climbed.

    Employers are pressing to get headcounts in line with a resurgence in demand. May was an inflection point in the reopening of the economy because of increased coronavirus vaccination rates, more social activity and fewer business restrictions across most of the U.S.

    Restaurants and bars reported the largest payrolls increase, with a gain of 186,000 jobs, the Labor Department’s report showed.

    The payrolls gain still leaves the U.S. labor market 7.6 million jobs short of pre-pandemic levels. A broader improvement in the labor market requires faster job growth among service providers, like the leisure and hospitality industry, that have suffered a more lengthy disruption from the health crisis.

    The number of long-term unemployed, those out of work for 27 weeks or longer, declined by 431,000 in May, the most since 2011 and suggesting that Americans who lost their jobs early in the pandemic are finally returning to work.

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