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Tipsheet

Recovery Begins! 'Stupendous Number' of Jobs Added in May

(AP Photo/Alex Brandon)

Economic recovery in the aftermath of Wuhan coronavirus has begun after the economy added 2.5 million jobs in May, bringing the unemployment rate down to 13.3 percent. 

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From Fox Business

The Labor Department said in its Friday report that employers added a stunning 2.5 million jobs in May -- the biggest increase on record.

“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, even though it still remains to be seen exactly what the new normal will look like," said Tony Bedikian, head of global markets at Citizens Bank.

Economists surveyed by Refinitiv expected the report to show that unemployment rose to 19.8 percent in May and that employers shed 8 million jobs.

The healthcare sector in particular has seen a rebound, along with retail and other services. 

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In light of the numbers, which were unexpected, President Trump will hold a press conference at 10 am from the White House. 

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