The latest Jobs Report from the U.S. Department of Labor far surpassed analysts’ expectations, as the U.S. economy added 2.5 million jobs last month, strongly suggesting that the U.S. economy is starting to bounce back from the coronavirus-induced devastation.
The unemployment rate in May declined to 13.3%. Economists had predicted that the U.S. economy would lose 7.5 million jobs in May and that the unemployment rate would be close to a historic 19%.
CNBC’s Jim Cramer reacted to the May Jobs Report stating, “It is a stupendous number. It is superb… We’re back. I think there were a lot of people who felt that the layoffs would be permanent, and it’s obvious that there’s so much demand that people have to bring people back.”
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