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May sees biggest jobs increase ever of 2.5 million as economy starts to recover

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  • May sees biggest jobs increase ever of 2.5 million as economy starts to recover

    Some good news:

    Employment stunningly rose by 2.5 million in May and the jobless rate declined to 13.3%, according to data Friday from the Labor Department that was far better than economists had been expecting and indicated that an economic turnaround could be close at hand.

    Economists surveyed by Dow Jones had been expecting payrolls to drop by 8.33 million and the unemployment rate to rise to 19.5% from April’s 14.7%. If Wall Street expectations had been accurate, it would have been the worst figure since the Great Depression.

    As it turned out, May’s numbers showed the U.S. may well be on the road to recovery after its fastest plunge in history.

    “It seems the damage from the nationwide lockdown was not as severe or as lasting as we feared a month ago,” said Scott Clemons, chief investment strategist at Brown Brothers Harriman.


    https://www.cnbc.com/2020/06/05/jobs...-may-2020.html
    "I don't discuss sitting presidents," Mattis tells NPR in an interview. "I believe that you owe a period of quiet."

  • #2
    Despite the fact that the lockdown doesn't seem to apply to protests and riots in my state, (Illinois)we are still on lockdown and many businesses are still not fully operational.
    I hope we recover quickly, but my dem governor seems to be intent on preventing that.
    Of course, he sent his family out of state to Florida and Wisconsin (both open) so he isn't concerned.

    The jobs increase is incredible. I hope it proves accurate.
    Avatar is General Gerard, courtesy of Zouave.

    Churchill to Chamberlain: you had a choice between war and dishonor. You chose dishonor, and you will have war.

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    • #3
      Originally posted by Cambronnne View Post
      Despite the fact that the lockdown doesn't seem to apply to protests and riots in my state, (Illinois)we are still on lockdown and many businesses are still not fully operational.
      I hope we recover quickly, but my dem governor seems to be intent on preventing that.
      Of course, he sent his family out of state to Florida and Wisconsin (both open) so he isn't concerned.

      The jobs increase is incredible. I hope it proves accurate.
      It is already inaccurate by design. This is not a "job increase" - it is merely some places opening up to some extent and returning people to already existing jobs.

      Typical government double-speak and lies.
      Quis Custodiet Ipsos Custodes? Who is watching the watchers?

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      • #4
        Originally posted by Mountain Man View Post

        It is already inaccurate by design. This is not a "job increase" - it is merely some places opening up to some extent and returning people to already existing jobs.

        Typical government double-speak and lies.
        Good point.
        The data is always padded and misleading.
        Avatar is General Gerard, courtesy of Zouave.

        Churchill to Chamberlain: you had a choice between war and dishonor. You chose dishonor, and you will have war.

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        • #5
          Originally posted by Mountain Man View Post

          It is already inaccurate by design. This is not a "job increase" - it is merely some places opening up to some extent and returning people to already existing jobs.

          Typical government double-speak and lies.
          Ah, but there is no such thing as "fake news", except from those far Right-Wing sources which dominate the reporters and editors of the Main Stream Media.

          Meanwhile, the numbers returning to former jobs needs to be balanced with those whom no longer have jobs to return to because the lockdowns and economic shutdowns have destroyed so many businesses - they are no longer in existence. While mostly we can blame the mostly Democrat governors and (non)leadership, a hefty dose of blame goes to the People's Republic and Worker's Paradise of CCP China for not admitting and containing COVID-19 early on, and also for releasing it via millions of travelers to the rest of the world.
          Last edited by G David Bock; 05 Jun 20, 13:24. Reason: spellin' & grammar corrections
          TANSTAAFL = There Ain't No Such Thing As A Free Lunch

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