U.S. consumers felt slightly more optimistic about their finances and job security in May as businesses began to reopen and rehire workers following the easing of coronavirus-related restrictions, according to a survey released on Monday by the New York Federal Reserve.
While the economic effects of the coronavirus pandemic were still broadly evident, the findings support recent employment data suggesting the worst of the job losses caused by the pandemic may have passed.
The U.S. economy added 2.5 million jobs in May and the unemployment rate dropped to 13.3% from 14.7%, the Labor Department said on Friday. The unexpected improvement came after the U.S. labor market shed a record 20.7 million jobs in April, suggesting the job losses may have bottomed out for now as more Americans are called back to work, but that the recovery could be long.
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