Positive numbers cam out Friday from the U.S. Labor Department, which says the U.S. added 2.5 million jobs in May.
That helped drop the unemployment rate from 14.7% in the month of April to 13.3% for the month of May.
Dr. Alex Cartwright says Friday’s jobs report is an encouraging sign for the U.S. economy, especially after the country reached jobless rates not seen since the Great Depression.
“The expectation this month was for the unemployment to continue to rise, and the question was it going to rise, and not only did we see it didn’t rise at all, it actually fell by 2.5 million jobs,” Dr. Cartwright said.
The next few months of reopening will be critical. The question will be just how many people go back to work and how many businesses will survive reduced capacity requirements, something likely to remain in place for the time being.
“COVID-19 is still very present here in Michigan, and that’s why it’s on all of us to keep doing our part. It’s not just about us as individuals. It’s about our economy, it’s about our state, and it’s about our loved ones. And so, as we continue to move forward, recall that we are still in this,” Gov. Gretchen Whitmer said.
Dr. Cartwright says it’s hard to know exactly where the economy is heading, but Friday’s numbers are a sign things are moving in the right direction.
“I’m absolutely optimistic about the economy in the short term, and I think that it’s hard not to be when the government has turned around and spent a record amount of money on fiscal stimulus, a couple trillion dollars. That money is going to get spent on something,” Cartwright said.
© 2023 - 910 Media Group
