May Jobs Report

Here’s the May jobs report. There was a gain of 2.5 million for nonfarm payrolls. The unemployment rate fell to 13.3%. Economists had been expecting 19%.

Employment stunningly rose by 2.5 million in May and the jobless rate declined to 13.3% according to data Friday from the Labor Department that was far better than economists had been expecting and indicated that an economic turnaround could be close at hand.

Economists surveyed by Dow Jones had been expecting payrolls to drop by 8.333 million and the unemployment rate to rise to 19.5% from April’s 14.7%.

Stock market futures burst higher following the report and indicated an open of nearly 600 points higher for the Dow Jones Industrial Average.

The May gain was by far the biggest one-month jobs gain in U.S. history since at least 1939.

Posted by on June 5th, 2020 at 8:57 am


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.