Better than expected results released by the Bureau of Labor Statistics.
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.
Markets rejoiced, and USA30 added 2.3%, while USA500 gained 1.5%. TECH100 went up 0.3%
Sources: forexfactory.com, cnbc.com.
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Therefore, Key Way Investments Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.
