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America’s unemployment rate falls to 13.3% as economy posts surprise job gains

MIAMI BEACH, FLORIDA - MAY 22: Joseph Louis joins others in a protest asking the state of Florida to fix its unemployment system on May 22, 2020 in Miami Beach, Florida. Unemployed hospitality and service workers who have not received unemployment checks held the protest demanding Florida Governor Ron DeSantis fix the unemployment system and send out their benefits. Since the closure of all non-essential businesses due to the coronavirus pandemic, hundreds of thousands of hospitality workers across Florida find themselves out of work. Florida’s unemployment system has not worked reliably. (Photo by Joe Raedle/Getty Images) (2020 Getty Images)

CNN – The US unemployment rate surprisingly fell to 13.3% in May, as the economy gained 2.5 million jobs.

The labor market rebounded from April's drastic losses, when a revised 20.7 million jobs vanished. The unemployment rate last month soared to 14.7% as businesses shut during the coronavirus lockdown.

Economists expected the unemployment rate to be even worse in May, rising to nearly 20%. But the gradual reopening of the economy actually added new jobs rather than eliminating further positions.

"These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus pandemic and efforts to contain it," said William W. Beach, commissioner of the Bureau of Labor Statistics, in a statement.

President Donald Trump took credit for the better than expected report on Twitter, calling the numbers "incredible."

This is a developing story. It will be updated

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