Navigation
Download the AMN app for your mobile device today - FREE!
  •  

US surprisingly adds 2.5M jobs in May as unemployment drops unexpectedly

President Donald J. Trump participates in a listening session with African American Leaders Thursday, May 21, 2020, at the Ford Rawsonville Components Plant in Ypsilanti, Mich. (Official White House Photo by Tia Dufour)
June 05, 2020

A new U.S. job report showed higher than anticipates numbers, sending U.S. stock futures into a surge.

The new job report revealed 2.5 million jobs were added in May and unemployment dipped to 13.3 percent, CNBC reported.

The report was in stark contrast to expert predictions of 8 million jobs lost and a rise of unemployment to 20 percent.

As a result, the Dow rose 2.7 percent, adding more than 700 points, while the S&P 500 rose 2.2 percent, Nasdaq Composite 1.7 percent, and Nasdaq-100 1.4 percent

“It’s a stupendous number. It’s joyous, let’s call it like it is. The Market was right. It’s stunning!” President Donald Trump tweeted Friday morning in response to the news.

- ADVERTISEMENT -

“It is a stunner by any stretch of the imagination!” he added.

Commercial airlines trading made significant gains this week, with American Airlines jumping 28.6 percent and United Airlines 21.3 percent. Three major cruise liners, and some retail giants also jumped more than 10 percent,

Some trading experts said the job report and following stock futures showed that the country was bouncing back.

“We’re back,” CNBC’s Jim Cramer said on “Squawk Box.” “I think there were a lot of people who felt that the layoffs would be permanent and it’s obvious that there’s so much demand that people have to bring people back.”

“The unemployment rate was solid; the participation rate was higher. This checks all the boxes for a solid report,” said Drew Matus, chief market strategist at MetLife Investment Management. “It suggests we should be looking for more good news next month.”

The Nasdaq Composite is now just one percent away from its all-time record high, and the S&P 500 is 6.5 percent from its record high.