Jobs Added, Unemployment Rate Down, Government Jobs Gutted
There was an important surprise to the upside today. This is not only significant from a data perspective but also offers a psychological boost at a time when it is surely needed. U.S Department of Labor numbers released this morning showed nonfarm payrolls unexpectedly rose by 2.5 million in the month of May. The survey expectation for today was a 7.5 million loss, so the positive result was a welcomed surprise. Figures rose in almost every sector across the board, reinforcing the argument that an economic rebound could be just around the corner, if not already occurring. We hope this type of job market performance is something that can be repeated as we continue to see cities and states reopen.