Are Democrats upset? US economy adds 2.5 million jobs in May, unemployment falls to 13.3%

US economy adds 2.5 million jobs in May, unemployment falls to 13.3%

The US mounted a surprise recovery from the coronavirus crisis by adding a record 2.5 million jobs last month, the feds said Friday, stunning experts who predicted more bloodletting in the labor market.

The Bureau of Labor Statistics’ monthly jobs report showed the unemployment rate falling to 13.3 percent as states began to lift virus-related lockdowns. That’s an improvement from April’s 14.7 percent unemployment although it is still higher than any other point since the Great Depression.

The data suggest the government’s efforts to backstop the economy during the pandemic have helped kickstart a recovery, blindsiding economists who predicted millions more lost jobs and unemployment at or near 20 percent.

But experts cautioned that the nation is not out of the woods yet as 21 million Americans were still out of work last month.

“It would be absolutely premature to announce the victory,” Yelena Shulyatyeva, senior US economist at Bloomberg Economics, told The Post. “Will we have demand for all these businesses to reopen? Will we go to the restaurants at the same kind of rate as we were before the crisis, or will we travel as much? All these questions still remain.”