May jobless rate falls to 13.3%, likely marking the bottom of coronavirus-related economic slump

The government reported Friday that the unemployment rate dropped to 13.3% last month after soaring to 14.7% in April, an unexpectedly positive turn that indicates the pandemic-induced recession may have hit bottom.

Most analysts had expected the rate would keep rising, perhaps as high as 20%.

But instead employers also added 2.5 million jobs in May after shedding a record-smashing 20.7 million positions the prior month.

The improvement reflects the reopening of businesses in many parts of the country.

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