The United States created a total of 559,000 jobs in May while the unemployment rate dropped to 5.8%. Economists had expected at least 671,000 jobs to be created and the unemployment rate to stand at 5.9% last month.

In this way , unemployment fell by 0.3 percentage points since April and the number of unemployed fell by 496,000 people, to 9.3 million. These measures are down considerably from their recent highs in April 2020, but remain well above their pre-pandemic levels (3.5% and 5.7 million, respectively, in February 2020).

May’s disappointment came after April fell well below expectations , as the revised upward figure of 278,000 continued to fall far short of the initial estimate of one million people . If we take into account the combined reviews of March and April combined, it could be said that 27,000 more jobs were created than previously projected.

The labor participation rate varied little, standing at 61.6%, within the range in which it has remained since June 2020 and 1.7 percentage points below that registered before the pandemic. Last month around 16.6% of employees teleworked , down from 18.3% the previous month.

By sectors, leisure and hospitality generated 292,000 jobs , as more than 50% of the adult population has already received at least one dose of available vaccines and both state and federal governments relax restrictions related to the pandemic. That said, employment within these sectors is 15% below when compared to pre-Covid-19 levels, that is, at least 2.5 million more payrolls would have to be created.

In May, employment increased in public and private education , reflecting the resumption of face-to-face teaching. In this way, 53,000 jobs were added in local public education, another 50,000 in state public education and around 41,000 in private education.

Health and social assistance added 46,000 jobs while the manufacturing sector increased by 23,000 payrolls. The same figure generated by transportation and storage. Construction destroyed 20,000 jobs while payroll creation in retail and professional services showed little change.

Median hourly wage on private nonfarm payrolls rose 15 cents in May to $ 30.33, following a 21-cent increase in April.

These figures come after weekly claims for unemployment benefits fell for the fifth consecutive week between May 24 and May 28 to 387,000 claims. A new low since the pandemic began. That said, despite the decline in initial applications, the trend for continued applications continued to show elevated levels, justifying concern about Americans hesitating before returning to the job market .

Given the context of the labor market, the current situation would continue to justify the need to maintain stimulus from the Federal Reserve. The central bank of the United States buys 120,000 million dollars a month in debt (80,000 million dollars in Treasuries and 40,000 million dollars in assets backed by mortgages) in addition to keeping the price of money in a range of 0% and 0, 25%.

The rise in prices, which Jerome Powell, Fed Chairman, considers to be temporary, has raised doubts in the market. Despite the patience shown by the Federal Reserve to date, it is expected that at the end of August it anticipates its intention to begin reducing its asset purchases, something that could begin in the first quarter of next year.

Moncloa has come up against rumors that point to an imminent government crisis, ensuring that President Pedro Sánchez “is focused on getting out of the pandemic and overcoming the economic crisis and the reunion agenda with Catalonia” after take out the possibility that he was considering making changes in the Council of Ministers before the summer that would affect even economic ministries.

In a statement released late on Thursday, Moncloa highlights that, in addition to joining efforts in the recovery after the health crisis and Catalonia (specific mention in the face of pardons to the procés leaders that seems to be arriving shortly), “the vaccination is the great priority at this moment and it will be the one that allows a rapid recovery of our country. “

In it, “two important milestones” stand out: the first, that today the figure of 10 million people will be vaccinated in Spain with the complete schedule and the second, that in the coming days the Recovery, Transformation and Resilience Plan of the Spanish economy will receive the definitive approval of the European Commission. “These are the main axes in which the president and his ministers and ministers are focused and not in rumors or comments, which only the president could confirm.”

In this sense, the statement recalls that “the chief executive has the exclusive prerogative and initiative to form or modify his cabinet, without such an end being communicated by other means than the president himself in the time and form that it determines, “thus discarding any source, even if it is part of one of the parties that make up the coalition government.

The Minister of Health, Carolina Darias, responded to this question this Friday during an interview on Cadena Ser in which she insisted that the Executive is “focused on cornering the virus and ending” the “damn pandemic.” To the rumors of remodeling, Darias has responded with a “I don’t know”.

So far there have only been two major changes in the Government since the pandemic began: Salvador Illa , who left the Ministry of Health to stand in the elections to the Generalitat of Catalonia, and Pablo Iglesias , the third vice president who left his chair to be a candidate for the presidency of the Community of Madrid and that he finally left politics after the elections.

The Spanish economy returns to cruising speed in May. This month, seasonally, is the best for employment as companies tend to turn to hiring for the summer campaign. The number of affiliated with Social Security increased by 211,923 people. It is the best figure since May 2018. Unemployment closed its best May in the historical series, falling by 129,378 people to 3,781,250. There are still 542,142 working people in Ertes. It is the lowest number of people without work, taking into account more unemployed workers affected by Ertes, since the employment protection schemes began.

According to the data published this Wednesday by the Ministry of Inclusion, Social Security and Migrations published, Social Security gained 1.1% more contributors in May than those registered in April , a much greater rebound than that registered the same month of the year In the past, when 97,462 jobs were created in the middle of the pandemic, and slightly above that registered in 2019, when the occupation increased by 211,752 people.

The end of the state of alarm and the easing of restrictions led Social Security to exceed figures prior to the pandemic. And it is that in February 2020 that average affiliation was 19,250,229.

Within the General Regime, the average monthly affiliation increased in May by 196,475 workers (1.25%) and stood at 15,896,250 employed persons. The Special Agrarian System added 22,758 members, and the Home System grew by 1,393.

By sectors, this month there were more employed persons in all sectors of activity, but the ones that added the most were Hospitality , with 62,885 more affiliates (6.13%); Agriculture, Livestock, Hunting, Forestry and Fishing, 2,306 (3.05%); Construction, 14,052 more workers (1.59%) and Administrative Activities and Auxiliary Services, 16,682 more workers (1.29%).

On the map, all the autonomous communities added media affiliates in May. The Balearic Islands (5.81%), the Region of Murcia (2.35%) and La Rioja (2.20%), the most.

In the annual comparison, Social Security has gained 711,092 average affiliates (3.8% more), although the strong impact of the pandemic on the labor market in May 2020 must be taken into account .

Corrected the calendar, the system gained 45,434 contributors in May to 19,065,058 employed, thus ending three consecutive months of setbacks in the seasonally adjusted series.

It is the lowest number of unemployed since the end of the summer of 2020
For its part, registered unemployment fell by 3.3% compared to April, its largest monthly decline in the entire historical series that began in 1996.

According to data published by the Ministry of Labor and Social Economy, the total volume of unemployed reached at the end of the fifth month of the year the figure of 3,781,250 unemployed, its lowest figure since the end of last summer. In the comparison with the unemployment registered in May 2020, the figure has fallen by 76,526 people, 1.98% less (the largest year-on-year decrease since October 2019).

Unemployment fell somewhat more in May among men (67,724 less) than among women (61,654). They represent 58.2% of the total unemployed (2,201,471) 16 percentage points above the 41.8% that they comprise (1,579,779 of the total).

The advance this month has been noted with great intensity among those under 25 years of age , with 32,990 fewer unemployed (9.27% ​​less), a percentage that triples that of the general fall of 3.3%.

By sectors, unemployment fell especially in services, where it fell by 93,327 people (-3.4%). It is followed by the group without previous employment (-9,344, -2.6%); industry (-9,403 unemployed, -3%); agriculture (-9,155, -4.8%) and construction (-8,149, -2.7%).

Regarding registered contracts, in May they amounted to 1,545,308 contracts, 81.6% more than in the same month of 2020 (full health crisis). Of that total, 156,148 were permanent, a figure that doubles that of May last year and represents 10.1% of all contracts.

In seasonally adjusted terms, registered unemployment fell last month by 29,428 people and in the annual comparison accumulates an increase of 76,526 people, which is almost 2% more .

It should be remembered, however, that the unemployment data does not include workers who are in suspension of employment or reduced hours as a result of a temporary employment regulation file (Erte), since the definition of registered unemployment does not count them as unemployed.

Almost 100,000 Ertes fewer
Regarding the number of Temporary Employment Regulation Files (Ertes), Social Security registered 542,142 people protected by this tool as of May 31, representing a decrease of 95,439 workers, according to provisional data collected by the agency. In addition, the number of Ertes associated with covid is thus at the lowest level since the start of the pandemic.

Of the total on the last day of May, 168,662 were suspended part-time. About 70% (375,325) were in any of the Erte modalities that were launched as of October 1, extended from February 1, and which entail exemptions to Social Security .

Among them, 227,431 people are included in Erte of ultra- protected sectors and their value chain, another 132,592 people in ERTE of limitation and 15,302 in Erte of impediment. Outside of these modalities, and without exemptions, there are another 166,817 people who remain in Erte de Fuerza Majeure or ETOP.

The number of workers in Erte represents 3.67% of the affiliates of the General Regime with a large sectoral concentration. The activities of Food and Beverage Services (153,616 workers in Erte) and Accommodation Services (90,689) concentrate 45.06% of the workers in this situation.

It should be noted that Travel Agencies and Tour Operators continue to have 57.88% of the affiliates of the sector under this protection instrument; Air Transport, 39.44%, and Accommodation Services, 38.33%.

All the provinces and the two autonomous cities closed the month with a decrease in the number of people in Erte, highlighting, with falls of more than 20%, Lleida, Asturias, Murcia, Melilla and the three provinces of the Valencian Community.

In several provinces, the total percentage of affiliates in Erte is already down 2%. It occurs in Guadalajara (1.59%), Murcia (1.65%), Ciudad Real (1.71%), Badajoz (1.75%), Jaén (1.77%) and Huelva (1.85%) ). In areas with greater tourist activity, however, the percentage is higher. Specifically, Las Palmas is the province with the most workers in Erte (13.72% of its affiliates), followed by Santa Cruz de Tenerife, with 10.87%, and the Balearic Islands, with 6.85%.

Data from the Ministry of Labor show that spending on benefits reached 2,500 million euros in the month of April (latest data available), of which 632 million corresponded to benefits for workers in Erte, compared to 720 million in the month of March.