U.S employment stunningly rose by 2.5 million in May — the shocking piece of good news for the American economy, the Labor Department said Friday. It was the largest monthly gain since the data began in 1939. The unemployment rate in May soared to 13.3 % from 14.7% in April, remains higher than in any previous postwar recession. The Department noted that hundreds of thousands of workers flooded back to jobs in leisure and hospitality, restaurants, retail trade, and construction with the reopening of several states. However, May’s job report boosted hopes that the economy has moved beyond the worst fallout from the pandemic and may recover more quickly than expected.
Congressional Budget Office said on Monday that the United States economy will take nearly 10 years to recover from fallout stemming from the COVID-19 pandemic. The CBO projects that over the 2020–2030 period, the cumulative nominal output will be $15.7 trillion, or 5.3% less than its January projections. They said that coronavirus pandemic will cost the U.S. almost $7.9 trillion in lost economic output this decade or 3% of cumulative gross domestic product. US GDP isn’t expected to catch up to the previously forecast level until the fourth quarter of 2029, the CBO report showed.
NYC Mayor Mr. de Blasio said that the rate of people testing positive for the COVID-19 fell to a new low of 3% and the city began reopening of its economy. Stay-at-home, lockdown restrictions begin to ease Monday — the city is officially back in business, allowing 400,000 New Yorkers to return back to work after nearly three-month lockdown. The city estimates 3,700 manufacturing companies and 16,000 nonessential retail businesses will reopen. In addition, more than 32,000 construction sites are allowed to restart work Monday, de Blasio said and urged workers to wear face masks and follow social distancing to keep COVID-19 cases on a downward trend.
Good news for job seekers! As the restaurant business starts to reopen throughout the United States amid the coronavirus crisis, U.S. coffee chain Dunkin’ Donuts said on Monday that it’s seeking to hire up to 25,000 jobs — ranging from front counter workers to restaurant management. The company told it will begin a recruitment campaign for thousands of workers and will offer long-term educational benefits and key career skills for people all across the U.S. Dunkin’ has launched a new partnership with Southern New Hampshire University (SNHU) to offer store employees a low-cost college degree.
To slow the spread of coronavirus, many governments around the world have temporarily closed educational institutions. According to the survey conducted by Children’s Commissioner for Wales, 54% of 12 to 18-year-olds said they were worried about falling behind with schoolwork due to lockdown, 84% said they felt safe and 17% of young people feel happy that exams have been canceled. Many children’s in Wales also reported enjoying spending more time with their families. The survey also revealed that some in that age group are struggling with the work they are being sent to do at home with 27% saying they have trouble understanding it.
Exports from the US plunged 20.5% to $151.3 billion in April of 2020 and imports dropped 13.7% to $200.7 billion — both marked the largest month-over-month declines since record-keeping began in 1992, the Commerce Department reported on Thursday. Through April, the U.S. overall deficit in the trade of goods and services this year is $168.5 billion, down 13.4% from January-April 2019, and exports of goods are down 9.5% so far this year, and imports have fallen 10.2%, according to the report.
103-year-old great-great-grandma named Jennie Stejna came back from the brink of death — beats the novel coronavirus, asks for a beer to celebrate. She spent two weeks isolated in her Massachusetts nursing home battling COVID-19, her granddaughter, Shelley Gunn, told CBS News. To celebrate her recovery, the nursing home staff gave Stejna an ice cold Bud Light, something she loved but hadn’t had in a long time, USA Today reported.