Markets Rally on Strong May Jobs Report – Daily Access News

Markets Rally on Strong May Jobs Report


Friday was a banner day in the stock market after investors reacted to an unexpectedly positive May jobs report. The report defied expectations, spurring a significant rally in the markets and offering hope to millions of Americans struggling during these unprecedented times.

Behind the Numbers: Heading into the release of the report, many experts were predicting job losses in the amount of nearly eight million with unemployment reaching levels as high as 20%. Instead, the report demonstrated how the economy added 2.5 million jobs over the month of May. That figure represents the best month for job growth since the Bureau of Labor Statistics began keeping track of this information in 1939. Total unemployment rates dropped from April’s high of 14.7% to 13.3%, signaling that the economic recovery may be sooner than expected.

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