Despite the Democrat governors keeping their states locked down and shows that this economy doesn't need California, New York, New Jersey and Pennsylvania in this recovery...
https://www.cnbc.com/2020/06/05/jobs-report-may-2020.html
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 8.33 million and the unemployment rate to rise to 19.5% from April’s 14.7%. If Wall Street expectations had been accurate, it would have been the worst figure since the Great Depression.
As it turned out, May’s numbers showed the U.S. may well be on the road to recovery after its fastest plunge in history.
“It seems the damage from the nationwide lockdown was not as severe or as lasting as we feared a month ago,” said Scott Clemons, chief investment strategist at Brown Brothers Harriman.
The stock market burst higher following the report as the Dow Jones Industrial Average opened higher by around 700 points. Government bond yields raced higher as well, with the benchmark 10-year Treasury most recently at 0.91%.
President Donald Trump expressed pleasure at the report, directing two tweets to CNBC.
https://www.cnbc.com/2020/06/05/jobs-report-may-2020.html
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 8.33 million and the unemployment rate to rise to 19.5% from April’s 14.7%. If Wall Street expectations had been accurate, it would have been the worst figure since the Great Depression.
As it turned out, May’s numbers showed the U.S. may well be on the road to recovery after its fastest plunge in history.
“It seems the damage from the nationwide lockdown was not as severe or as lasting as we feared a month ago,” said Scott Clemons, chief investment strategist at Brown Brothers Harriman.
The stock market burst higher following the report as the Dow Jones Industrial Average opened higher by around 700 points. Government bond yields raced higher as well, with the benchmark 10-year Treasury most recently at 0.91%.
President Donald Trump expressed pleasure at the report, directing two tweets to CNBC.