Though the unemployment rate remains in the double-digits, the official unemployment numbers are slightly lower than economists expected, prompting self-congratulations by President Donald Trump.
But experts say celebration is premature.
Indeed, the Bureau of Labor Statistics reported that the unemployment rate fell from 14.7 percent in April to 13.3 percent in May as the economy added 2.5 million jobs. The high April number was the worst that the American workforce had seen since monthly record-keeping began in 1948, and almost certainly the worst since the Great Depression. White House economic adviser Kevin Hassett predicted last month that unemployment would rise above 20 percent, a view that was widely shared by economists. Continue reading.