Is the economy recovering from the COVID-19 bashing?
As the summer of 2020 has been one of the most devastating in so many aspects, data indicates that the worst may be behind us as the month of May witnessed the largest increase of jobs, 2.5 million, indicating that the economy may be recovering. Data also revealed that nonfarm payrolls rose by 2.5 million in May, and the unemployment rate slipped to 13.3 per cent. This gain may be attributed to those sectors which termed their layoffs as temporary. Leisure and hospitality have gained almost half of the lost jobs back.
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