Nailea Rosales works behind a protective shield wearing a protective mask and gloves at the Morada Bay Beach Cafe in Islamorada, in the Florida Keys, during the new coronavirus pandemic, Monday, June 1, 2020. The Florida Keys reopened for visitors Monday after the tourist-dependent island chain was closed for more than two months to prevent the spread of the coronavirus. (AP Photo/Lynne Sladky)
By Christopher Rugaber
The U.S. unemployment rate fell to 13.3 percent in May from 14.7 percent, and 2.5 million jobs were added — a surprisingly positive reading in the midst of a recession that has paralyzed the economy in the wake of the viral pandemic.
The May job gain suggests that businesses have quickly been recalling workers as states have reopened their economies.
Other evidence has also shown that the job market meltdown triggered by the coronavirus has bottomed out. The number of people applying for unemployment benefits has declined for nine straight weeks. And the total number of people receiving such aid has essentially leveled off.
The overall job cuts have widened economic disparities that have disproportionately hurt minorities and lower-educated workers. Though the unemployment rate for white Americans was 12.4 percent May, it was 17.6 percent for Hispanics and 16.8 percent for African-Americans.
Even with the surprising gain in May, it may take months for all those who lost work in April and March to find jobs. Some economists forecast the rate could remain in double-digits through the November elections and into next year.
Apple CEO Tim Cook said Thursday that the majority of iPhones sold in the U.S. in the current fiscal quarter will be sourced from India, while iPads and other devices will come from Vietnam as the company works to avoid the impact of President Trump’s tariffs on its business. Apple’s earnings for the first three months of the year topped Wall Street’s expectations thanks to high demand for its iPhones, and the company said tariffs had a limited effect on the fiscal second quarter’s results. Cook added that for the current quarter, assuming things don’t change, Apple expects to see $900 million added to its costs as a result of the tariffs.
