US economy adds 559,000 jobs, unemployment falls to 5.8%

By Ovunc Kutlu

ANKARA (AA) – The US economy added 559,000 jobs and the unemployment rate fell to 5.8% in May, the Department of Labor announced Friday in a statement.

The market estimate for nonfarm payrolls was an increase of 650,000, while job additions for April were revised up by 12,000, from 266,000 to 278,000, according to data by the Bureau of Labor Statistics.

The unemployment rate decreased to 5.8% in May, compared to an estimate of 5.9%. It stood at 6.1% in April.

The number of unemployed individuals in the US declined to 9.3 million in May, down from 9.8 million the previous month.

Despite the positive figures, the labor market is still weak in the country, and the Federal Reserve may have to wait longer to raise interest rates until it recovers and full employment is reached.

"Among those not in the labor force who currently want a job, the number of persons marginally attached to the labor force, at 2.0 million, changed little in May but is up by 518,000 since February 2020," the statement said.

Due to COVID-19, more than 22 million people in the world's largest economy lost their jobs in March and April 2020.