The American economy is back in a big way with the biggest jobs gain in history in May as lockdowns ended in red states, creating an economic miracle. President Donald Trump was jubilant as he opined on the data in a news conference this morning.
Business talking heads on the cable news could not believe the numbers.
At the end of the day, the Chinese coronavirus hasn’t worked to destroy the Trump economy, neither has the race war.
Instead of losing another 8 million jobs, the economy unexpectedly added 2.5M jobs. The unemployment rate was under 14% instead of the 18% expected.
Nonfarm Payrolls (May) printed at 2509k vs -8000k consensus estimate.
Average Hourly Earnings (YoY) (May) printed at 6.7% vs 8.5% estimate.
Average Weekly Hours (May) printed at 34.7 vs 34.3 estimate.
Labor Force Participation Rate (May) printed at 60.8%.
Average Hourly Earnings (MoM) (May) printed at -1% vs 1% estimate.
U6 Underemployment Rate (May) printed at 21.2%.
Unemployment Rate (May) printed at 13.3% vs 19.8% estimate.