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U.S. unemployment rate falls to 5.8%, a new pandemic low

The U.S. economy added 559,000 jobs last month, while the unemployment rate fell to 5.8% from 6.1%, the government said on Friday.

Why it matters: The jump in hiring could restore confidence about the job market recovery after April's disappointing gains. Still, forecasters had estimated the economy added 670,000 jobs.

Flashback: The April jobs report was one of the worst misses, relative to expectations, in decades.

  • There are widespread reports of companies unable to fill positions. The share of small businesses reporting unfilled job openings hit an all-time high in May, according to a survey by National Federation of Independent Business.

Between the lines: The jobs report is being watched especially closely in Washington, where Republicans and Democrats are in a standoff over President Biden's $4 trillion infrastructure and social spending proposal.

This story is breaking news. Please check back for updates.

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