The U.S. economy added 2.5 million jobs and unemployment decreased from 14.7% to 13.3% in May. One economist called it “the biggest payroll surprise in history.'
The surprising May jobs report on Friday showed the U.S. economy added 2.5 million jobs last month, with the unemployment rate declining to 13.3% from 14.7%.
• “The biggest payroll surprise in history, by a gigantic margin, likely is due to a wave of hidden rehiring. Businesses which let people go in large numbers in March didn’t need to post their intention to bring people back on. Indeed, they just needed to call/text/email. Still, it’s a mystery why ADP didn’t pick this up, and it contradicts the continuing claims numbers, up 3 milliion between the April and May survey weeks.
• “The bounceback started earlier than most expected, but don’t get too excited about this one month of data. Job growth rising by 2.5 million and the unemployment rate dropping by over a percentage point are positive developments, but it’s not clear how enduring this will be. Furthermore, the labor market is still in a terrible spot with employment only 87% of where it was before the coronavirus crisis began.
• “Nonfarm payrolls ROSE 2.509 million in May. They were expected to fall 7.5 million. That’s a 10 million miss against the consensus. Maybe all those crazy equity traders knew something after all.” —Chris Low, chief economist at FHN Financial
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