Key Points:

  • Nonfarm payrolls rose by 2.5 million in May and the unemployment rate fell to 13.3%.
  • Wall Street estimates had been for a decline of 8.3 million and a jobless level of 19.5%, which would have been the worst since the Great Depression era.
  • Much of the gain came from those classified as temporary layoffs due to the coronavirus-related economic shutdown.
  • Leisure and hospitality represented almost half the jobs gained.

“Employment stunningly rose by 2.5 million in May and the jobless rate declined to 13.3%, according to data Friday from the Labor Department that was far better than economists had been expecting and indicated that an economic turnaround could be close at hand…” [CLICK HERE TO READ MORE]