US jobs report surprises analysts, raises hopes of faster economic recovery

Some of the jobs gains reported for May could be a reflection of the Paycheck Protection Program

The US economy unexpectedly added jobs in May, surprising economists and analysts who had forecast millions more losing their livelihoods, and raising hopes of a faster economic recovery than expected.

More than 2.5 million people were newly employed last month, the Labor Department reported on Friday, but that follows a record drop of more than 20 million in April. The unemployment rate fell to roughly 13 per cent compared to almost 15 per cent in the prior month.

Much of the rise in jobs was centered on hardest-hit industries in food services and drinking places, which added 1.4 million jobs and