Wall Street rallied hard Friday morning in response to May’s stunning jobs report. The Labor Department data shows that employment went up by 2.5 million in May. That brings us to an unemployment rate of 13.3%. That is significantly better than the 19.5% rate predicted by economists and the 14.7% unemployment rate we saw in April. The hospitality and leisure sectors of the economy showed the most gains, adding 1.2 million jobs in May. That’s the largest one-month increase since 1939.
Continue reading May jobs report: Have we passed the worst? at Movement Mortgage Blog.
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