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Employment <br />c -2,000 <br />0 <br />` -6,000 <br />a, <br />ow <br />c <br />-10,000 <br />0-14,000 <br />-22,000 <br />Nonfarm Payroll (000's) <br />117d`18 94�18 BOG jcQ �P619 �dy 79 ��g19 NOG j9 �06�4 �0 , <br />Source: US Department of Labor <br />24.0% <br />22.0% <br />20.0% <br />18.0% <br />16.0% <br />14.0% <br />40;1 12.0% <br />M <br />°C 10.0% <br />8.0% <br />6.0 % <br />4.0% <br />2.0 % <br />0.0% <br />Unemployment Rate <br />Underemployment Rate (U6) <br />-Unemployment Rate (U3) <br />2id`18 1�g18 �O`18 �P619 2id`19 �4U,', �O`19 <br />Source: US Department of Labor <br />U.S. nonfarm payrolls were much better than expected in May increasing by 2,509,000 versus expectations for a 7,500,000 decline. The <br />unemployment rate declined to 13.3% in May (versus expectations of 19.0%) from 14.7% in April, and the labor participation rate increased to <br />60.8% from 60.2%. Notably, about 4.7 million people classified themselves as employed but absent from work in the May survey, which <br />understated the unemployment rate by about 3.0%. The U-6 underemployment rate, which includes those who are marginally attached to the <br />labor force and employed part time for economic reasons, eased to 21.2% in May from 22.8% in April. Although the employment report was <br />better than expected, unemployment remains very high on a historical basis. Job destruction resulting from the pandemic has been <br />unprecedented, but the data indicate that some of those jobs are already coming back. <br />6 Cli <br />16 <br />