Jobs report stunner: U.S. added 2.5M jobs in May vs. expected loss of 8.3M, unemployment fell to 13.3% vs. expected rise to 19.5%

by Adam Ford · Jun 5th, 2020 9:09 am

Last Updated Jun 5th, 2020 at 9:36 am

A stunning U.S. jobs report was released by the Labor Department Friday morning, showing that the economy gained 2.5 million jobs in May and unemployment dropped to 13.3%.

Economists had expected the economy to lose 8.33 million jobs and the unemployment rate to rise to 19.5%.

The addition of 2.5 million jobs was the largest recorded one-month gain in U.S. history.

"Barring a second surge of Covid-19, the overall U.S. economy may have turned a corner, as evidenced by the surprise job gains today," said Tony Bedikian, head of global markets at Citizens Bank.

Stock futures blasted off after the report, with the Dow up 700 points as of publishing time.

President Trump took a victory lap on Twitter:

The president added that he will be doing a news conference at 10:00 a.m. to discuss the economic numbers:


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