Members of the Long Beach, New York CSEA civil service union hold a drive-by protest in front of Long Beach City Hall to protest further union layoffs on May 26, 2020.
(Photo by Thomas A. Ferrara/Newsday RM via Getty Images)
The U.S. unemployment rate fell to 13.3% in May, defying expectations of a much bleaker figure near that of the Great Depression era.
The stock market rejoiced after the announcement on Friday. The S&P 500 was up about 2.4% as of 10:54 a.m. ET.
But what does the unemployment rate mean and why is it important?
Indicator of hardship