Headline Roundup • June 5th, 2020
May Jobs Report Better Than Expected
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The U.S. unemployment rate unexpectedly dropped to 13.3 percent in May, down from a record high in April, indicating the nation's economy is recovering faster than expected from the coronavirus lockdown.
The Labor Department said in its Friday report that employers added a stunning 2.5 million jobs in May -- the biggest increase on record. The economy shed a combined 22.1 million jobs in April and March, meaning there are an estimated 21 million Americans currently out of work.
Economists surveyed by Refinitiv expected the report, conducted in mid-May, to...
The Dow Jones Industrial Average rallied on Friday after the latest U.S. jobs report raised hope the economy is starting to recover from the coronavirus pandemic....
The 30-stock Dow jumped more than 700 points at the open, or 2.7%. The S&P 500 traded 2% higher,. The Nasdaq Composite advanced 0.9%.
“We’re back,” CNBC’s Jim Cramer said on “Squawk Box.” “I think there were a lot of people who felt that the layoffs would be permanent and it’s obvious that there’s so much demand that people have to bring people back.”
The May jobs report showed an unexpected rise in the number of non-farm payrolls in the economy and a drop in the unemployment rate from April, averting what economists expected would be a rise in the jobless rate to the highest level since the Great Depression amid the coronavirus pandemic.
The Labor Department released the May jobs report Friday at 8:30 a.m. ET. Here were the main results from the report, compared to Bloomberg consensus data:
Change in non-farm payrolls: +2.509 million vs. -7.5 million expected and -20.687 million in...
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