Last month the number of non-farm payrolls reached 850,000 compared to the 725,000 forecasted by the market. The promising figures came from the accelerated hiring. The second quarter brought with it a return to work of Americans who lost their jobs because of the COVID-19 pandemic. Hospitality continued to be the leading sector that benefited from the economic reopening as people returned to employment at bars, restaurants, and hotels, with 343,000 jobs added.
Despite the NFP, the unemployment rate rose to 5.9% against the 5.6% expected.
Still, economists are looking for a GDP growth of 10% in the second quarter, potentially marking a continuation of an economic rebound.
Sources: cnbc.com, forexfactory.com