August 4, 2021

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5 lakh new jobs in the United States in May

In the United States, 5 lakh 59 thousand new jobs were created last month. U.S. economists, including Wall Street, had hoped for more.

Employment in the United States increased from last April to May. 2 lakh 6 thousand new jobs were created in April. It was expected to triple its employment in May after various civic incentives.

Conservatives complain that workers are not returning to work due to the continuous extension of unemployment benefits. Liberals are pushing for continued unemployment benefits and civic incentives. Legislators are now expected to get involved in party debates over what to do.

James McCain, chief economist at investment firm Aberdeen Standard Investments, said the May employment report for the United States provided partial data. The data on employment growth from April to May has brought some relief to the Biden administration.

Economist Rick Bunker says there is no reason to be disappointed with the one-month employment growth report. The creation of five lakh new jobs in a month is a significant event. The U.S. economy needs to maintain its continuity in order to turn around.

Biden expressed outrage after the May employment report was released. “The number of new jobs is good news for us,” he said. If his proposed infrastructure development plan is adopted, it will create employment for many people. The US economy will be dynamic.

Kevin Brady, an influential Republican in Congress’ House and Mines Committee, described the May employment report as “disappointing.” He says President Joe Biden now has to rethink his costly and regulatory plans. He criticized the government for scrapping various regulatory programs to create jobs, the tax laws proposed by Biden and spending money in the name of civic incentives.