US Labor Market
Unexpectedly Improves in May The Labor Department released
the May jobless numbers on Friday. There was a 1.4 percent drop
in joblessness from 14.7 percent
to 13.3 percent. This equates to the addition of
2.509 million nonfarm payroll jobs. Surveys reveal that consumer
confidence is stabilizing amid
the global coronavirus pandemic. Labor Department Statement, via Reuters Economists had predicted
a continued fall in unemployment for May.
Some expected the jobless rate to reach 19.8 percent. The U.S. stock market
made significant gains in early trading
on Friday in reaction to the Labor Department numbers.
