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Employment Summary for May 2020

The financial market rally in recent weeks proved to be prescient as the U.S. jobless rate fell to 13.3%, and payrolls rose by 2.5 million, suggesting jobs are rapidly returning the coronavirus-hobbled economy.

“Our Network managers, in almost 400 executive recruitment offices, anticipate upticks in sequential professional, technical, executive and managerial hiring demand in the second half 2020 that might indicate continued steps in a positive return towards recovery,” said Bert Miller, president and CEO of MRINetwork.

The mandated shutdown of a large segment of the U.S. economy, to reduce the spread of the coronavirus, had been expected to result in significantly higher unemployment levels. Economist forecasts had called for a decline of 7.5 million in May payrolls and a jump in the unemployment rate to 19%.

Instead the Bureau