U.S. Economic News
June 5, 2020
U.S. Economic Indicators
The U.S. economy gained 2.5 million jobs in May, despite consensus expectations that 7.7 million would be lost. The unemployment rate decreased to 13.3% and labor force participation increased from 60.2% to 60.8%. BLS Report
U.S. News
The New York Times reports that several states are revoking unemployment benefits for workers who turn down job offers due to fears of contracting the coronavirus while at work. This reality may help businesses recall workers more quickly as they try to reopen and avoid closing permanently, but also puts workers worried about the virus in the difficult position of choosing between physical health and financial security. NYT
According to the Financial Times, increases in vehicle traffic, car sales, and flights combined with a fall in panic purchases all suggest consumer confidence is improving after bottoming out in late March and early April. However, a full recovery of consumer demand will be restricted by social distancing rules, travel bans, and the speed at which consumers can feel safe returning to ‘normal’ life. FT