The United States economy added 559,000 jobs in May, according to the Bureau of Labor Statistics, slightly under economists' estimates, but a solid rebound from a hiring slowdown. 

What You Need To Know

  • The United States economy added 559,000 jobs in May, about twice the number added in April

  • The unemployment rate fell to 5.8% in May, falling 0.3% from the month before

  • Weekly unemployment claims have been falling all year, dropping Thursday to a pandemic-low of 385,000 new claims

  • President Biden touted the 'historic progress' the jobs report shows: "America is finally on the move again"

Economists predicted about 670,000 jobs for the month, but Friday's jobs report is much stronger than April's lackluster report, at about double the previous month's gains of 266,000.

The unemployment rate fell to 5.8% in May, down 0.3% from the month before, with the number of Americans reporting they are unemployed falling 496,000 to 9.3 million.

Biden noted Friday that the jobs report was based on data from early May, when about 35% of working-age adults had been fully vaccinated. With 21 more million adults vaccinated now, he said the labor market should only improve further. 

“This is progress, historic progress,” he said in a speech from Rehoboth Beach, Delaware. “Progress that’s pulling our economy out of the worst crisis it’s been in 100 years.”

Biden touted his $1.9 trillion American Rescue Plan for not only putting people back to work but also for helping to reduce COVID-19 infections and hunger while increasing vaccinations, wages and health care coverage.  

“America is finally on the move again,” the president said.

News of the job growth came on the heels of a promising weekly jobs report on Thursday, which saw the U.S. hit yet another pandemic low of 385,000 new unemployment claims.

Weekly unemployment claims have been falling all year, dropping steadily several weeks in a row, but the applications are still higher than the pre-pandemic average, a reminder that the U.S. still has a long way to go to recover from the levels of employment experienced prior to the COVID-19 pandemic.

Restaurants and bars added 186,000 jobs, the health care industry added 46,000 jobs, manufacturing added 23,000 jobs, and transportation and warehousing added another 23,000 jobs, while construction jobs fell 20,000 and retail jobs dipped slightly, losing 6,000.

Biden addressed some of the criticism he’s taken since May's jobs report from Republicans who blamed an extension of enhanced unemployment benefits for jobs going unfilled and the president’s spending policies for rising prices on a number of products, including gas and lumber. Biden said “bumps along the way” are to be expected during a continued economic recovery.

“Of course that'll happen,” he said. “We can't reboot the world's largest economy like flipping on a light switch. There's going to be ups and downs in jobs and economic reports (and) … supply chain issues and price pressures on the way back to stability to steady growth.”

Biden said his administration will take steps to combat supply constraints in the coming weeks. 

The president also called on unvaccinated Americans to get their shots to ensure future economic growth

“Now's the time to build on the foundation we've laid,” Biden said.