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.
Disney content has gone dark on YouTube TV, leaving subscribers of the Google-owned live streaming platform without access to major networks like ESPN and ABC. That’s because the companies have failed to reach a new licensing deal to keep Disney channels on YouTube TV. Depending on how long it lasts, the dispute could particularly impact coverage of U.S. college football matchups over the weekend — on top of other news and entertainment disruptions that have already arrived. In the meantime, YouTube TV subscribers who want to watch Disney channels could have little choice other than turning to the company’s own platforms, which come with their own price tags.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
