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.
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.
THESE NUMBERS ARE INCREDIBLE! @MariaBartiromo
— Donald J. Trump (@realDonaldTrump) June 5, 2020
I am so stunned. I’ve never seen numbers like this and I’ve been doing this for 30 years! Steve M. @MariaBartiromo
— Donald J. Trump (@realDonaldTrump) June 5, 2020
It’s a stupendous number. It’s joyous, let’s call it like it is. The Market was right. It’s stunning! @jimcramer @CNBC
— Donald J. Trump (@realDonaldTrump) June 5, 2020
The healthcare sector in particular has seen a rebound, along with retail and other services.
Wow: the health care industry recovered 312,000 jobs between April and May alone.
— Sarah Kliff (@sarahkliff) June 5, 2020
244,000 of those were in dentist offices.
The dentist-lead recovery! https://t.co/zPlHzQ5Bmi pic.twitter.com/gdcZHXrSOs
Notable that many parts of the health care sector were still losing jobs between April and May. Hospitals and nursing homes, in particular, lost tens of thousands of jobs. https://t.co/26xq1G9VrF
— Sarah Kliff (@sarahkliff) June 5, 2020
In light of the numbers, which were unexpected, President Trump will hold a press conference at 10 am from the White House.
I will be doing a News Conference at 10:00 A.M. on the Jobs Numbers! White House.
— Donald J. Trump (@realDonaldTrump) June 5, 2020
Congratulations to wonderful Charles Payne on having been so optimistic, and therefore correct. Market up BIG!!!
— Donald J. Trump (@realDonaldTrump) June 5, 2020