In a twist that shocked many of the nation's top economists, the U.S.'s May jobs report released Friday showed the country added 2.5 million jobs last month, lowering the unemployment rate from 14.7 percent to 13.3 percent. A large chunk of that gain stemmed from the health care industry, which regained 312,000 jobs between April and May. Around 244,000 of those jobs stemmed singularly from dentists' offices, making that industry responsible for a full tenth of May's jobs gains.
To put it another way: dentist offices account for a full 10 percent of the jobs gained last month across the entire American economy. https://t.co/26xq1G9VrF
As freelance business reporter Matthew Zeitlin noted, pretty much all of the job gains last month came from temporarily laid off workers heading back to work. The number of unemployed people on temporary layoff decreased by 2.7 million to 15.3 million in March, but the number of permanent job losses rose by 295,000 to 2.3 million in May.
University of Michigan economist Justin Wolfers called the shrinking temporary job losses the "good news" of the May jobs report. And while there's still some "bad news" in permanent job loss, it seems clear that the overall unemployment "hole isn't getting any deeper." Kathryn Krawczyk
This is easily the most important table in the jobs report.
Good news: Roughly 3/4 of the rise in unemployment reflects temporary layoffs. There's hope many of these folks will return to work soon.