The new data published by the Bureau of Labor Statistics is good news for the market. For May, the payrolls declined by 2.509 million. It is much better than the expected 7.750 million. Now, the market seems to recover after the record number it reached in April – 20.537 million.
The same report shows an unemployment rate of 13.3%. The unemployment rate for May was expected to reach almost 20% after nearly 21 million people lost their jobs in April and many more in the past month. According to analysts, the rate could have been close to levels last seen during the Great Depression.
The consensus shows that starting this month, the labor market will begin to improve as businesses reopen and people start resuming their activities.
Sources: forexfactory.com, cnbc.com.