U.S. surprisingly adds 2.5 million jobs, unemployment rate falls to 13.3%

The May jobs report showed a surprising rise in the number of U.S. non-farm payrolls in the economy and a drop in the U.S. unemployment rate from April, averting what economists expected would be a rise in the jobless rate to the highest level since the Great Depression amid the COVID-19 pandemic.

U.S. unemployment rateEmily McCormick for Yahoo Finance:

The Labor Department released the May jobs report Friday at 8:30 a.m. ET. Here were the main results from the report, compared to Bloomberg consensus data:

• Change in non-farm payrolls: +2.509 million vs. -7.5 million expected and -20.687 million in April

• Unemployment rate: 13.3% vs. 19.0% expected and 14.7% in April

• Average hourly earnings month on month: -1.0% vs. +1.0% expected and +4.7% in April

• Average hourly earnings year on year: +6.7% vs. +8.5% expected and +8.0% in April

Friday’s jobs report also included an unexpected improvement in the unemployment rate to 13.3%, after hitting the highest level in BLS monthly survey history in April at 14.7%. Most economists expected the jobless rate would climb further to nearly 20% in May, reflecting those still unemployed amid ongoing virus-related business disruptions. The monthly unemployment rate was estimated to have been about 25% at the peak of the Great Depression in 1933.

MacDailyNews Take: +2.509 million vs. -7.5 million jobs added with the U.S. unemployment rate coming in at 13.3% vs. the expected 19.0% certainly qualifies as “surprising” and what welcome surprises they are!

28 Comments

  1. This CANNOT stand!!
    Time to mobilize the Antifa reserves to carry on the fight!!!
    We can’t let the Right dominate the News with anything good.

    Central Strike Command(ante) has determined the Next Winning Move will be another strike on Area 54.

    The Central News Command(ante) has geared up stories of Trump and Religious Right holding undocumented (extraterrestrial) aliens in (forcefield) cages separated from their child-pods!!

    We must continue the fight from our Russia, rigged election, Flynn, Mueller, illegal-aliens, Ukraine, Trump first cutting China trade then NOT cutting ties fast enough, racial riots and impeachment victories.

    We are so close.

    (I’m Nancy Pelosi and George Soros told me to approve this news massage….)

    1. So, Tower, you are still pushing your conspiracy theories that none of the horrible things we have seen with our own eyes really existed, much less that the man running the Executive Branch, the Senate, and many of our highest courts might bear any responsibility.

      With all 50 states reopening to some extent and the various government incentives for employers, I don’t know why rising employment is a surprise.

      1. Well look, it’s Stick and Stuck, the Slap’it Brothers tag-team of ass-jumpers.

        As far as what you’ve seen with your own eyes TXer, don’t know that I care to hear about it seeing how your head is Stuck so far up your ass.

        And for the BS apeclinic, all you do is Stick your foot in your mouth. I can’t think of a time you were ever taken seriously here.

        OK butties, y’all can go back to what Lefties do best, rig votes.
        Only way you can win anything…..

      2. The President is at least consistent in his approach to democratic protests. From The Playboy Interview: Donald Trump, May 1990:

        Q. What were your other impressions of the Soviet Union?
        A. I was very unimpressed. Their system is a disaster. What you will see there soon is a revolution; the signs are all there with the demonstrations and picketing. Russia is out of control and the leadership knows it. That’s my problem with Gorbachev. Not a firm enough hand.

        Q. You mean firm hand as in China?
        A. When the students poured into Tiananmen Square, the Chinese government almost blew it. Then they were vicious, they were horrible, but they put it down with strength. That shows you the power of strength. Our country is right now perceived as weak … as being spit on by the rest of the world—

        Q. Why is Gorbachev not firm enough?
        A. I predict he will be overthrown, because he has shown extraordinary weakness. Suddenly, for the first time ever, there are coal-miner strikes and brush fires everywhere—which will all ultimately lead to a violent revolution. Yet Gorbachev is getting credit for being a wonderful leader—and we should continue giving him credit, because he’s destroying the Soviet Union. But his giving an inch is going to end up costing him and all his friends what they most cherish—their jobs.

  2. With so many businesses still shuttered and hardly anyone in local stores except food services, these rosy numbers are suspect and still need to be verified. Given current unreset and falling poll numbers for POTUS, the Dept of Labor just might be wagging the dog’s tail. Time will tell.

    1. With the “shut-down” in the rear-view—for the time being, why would these numbers be a surprise, or suspect? Most humans want to work and NOT be on the dole. It is positive news, very positive news, but the numbers don’t point to job creation per se…they reflect jobs resumption.

      But again, the sector that is the juvenile is unhinged from reality and has climbed 1000 points (est/time depending). AAPL hit $330/share, of which I’m happy, even though the jump to all-time-record-highs is irrational.

      1. Post did not include the images of trenches being dug for graves in New York or of Americans being driven from a public park for a blasphemous photo.

        1. That’s because they don’t exist except in your ass-stuck head.
          Of course graves were being dug, but you have to lie and stretch why.

          Of course they were driven out of the park. They had been told to leave earlier than the curfew because they were throwing stuff and then wouldn’t disperse.

          Of course a week or two ago you were against anyone GOING to church even with social distancing. But a protest group ignoring everything you preached about for safety from spreading the virus is ok.

          What a liar.
          What a hypocrite.
          What a pussy.

          1. The graves were being dug because NewYork City was burying as many paupers every day as it usually does in a week. There is no explanation for that besides the pandemic that you continue to minimize, and that could have been much less severe if President Trump had not minimized it.

            Nobody who was actually in the park other than the Park Police heard any warnings to disperse. Nobody in the park other than the Park Police saw any escalation in crowd hostility before the boots marched in. The victor’s march to St. John’s was clearly planned before the President referred to it in the speech he was giving when the clearances began.

            You just made up the bit about opposing church attendance with social distancing. I’m not the one who cleared out a church so he could wave a Bible around and act tough. I’m not the one who led a flash mob to a Roman Catholic shrine the next day for another photo op without informing the Archbishop, who would have refused permission. I’m not the one who stationed a company of anonymous federal agents to watch a slightly smaller group of clergy and lay leaders of the Episcopal Diocese who were kneeling in prayer the next day. I’m fine with religious freedom. Who’s not?

  3. The “thank you“, or “you’re welcome” belongs to The Fed. The Fed has printed 25% of the US GDP in the last 3 months and more is ahead. The market needs/likes liquidity arising from the printing. The rise is not based on desired fundamentals, but because of the Fed’s infusion(s). Today’s rise is based on re-gains in employment…they’re good/great, but they’re not new jobs, per se. The stock market acts, disproportionally/orgasmically, like a Covid vaccine has been discovered.

    Trump thinks the rising stock market is the sign of a healthy econ. Today’s rising stock market is about as uncorrelated from the true economic health as it has ever been…but he uses it as a symbol that confirms the healthy condition of the country and regularly mentions is as a sign of “getting back to normal.” His ego needs/likes it, but with the election coming it maybe the most dangerous reelection “device.”

    Don’t get me wrong, I hold AAPL and like its rise. I also don’t think his view on the stock market taints everything else he does/thinks, but thanking him for the rise is rah-rah nativity.

    Yeah, I know—the guy in the office gets the credit, but….

    1. We don’t need “new” jobs per se. President Trump had us at full employment – and all-time record employment for blacks and latinos, by the way.

      All you needed was for the failed liberal democrat governors and mayors to reopen after the initial flattening of the curve. But, they wanted to destroy the economy to try to get a dementia patient elected. So, this recession is on them and President Trump will make sure everyone knows it, despite a lying – either outright or by omission – mainstream media that’s nothing more than a tool of the DNC.

      1. Just for the record, Trump stepped into a very strong, recovering economy initiated by the Obama administration (I know it hurts to read that but carry on). Further, Trump didn’t have us at full employment. It was already moving in that direction via momentum. That Trump would take credit for that which he has not orchestrated says plenty about his abject character and his desire to push anyone/anything out of his way to get his egotistical needs met. It’s no wonder he doesn’t want his tax returns revealed. To do so (we did have a glimmer back in 2017) would readily make obvious the emperor has no clothes.

      2. Obama had us at full employment. Why don’t
        you give me a call so I can arrange a time when I can kick your balls so hard they come out of your mouth?

      3. Oh, ne it turns out the numbers were false, being off by as many as 3.3 million jobs due to the way your friend the ass-fucker Trump administration juked the figures.

        For all your zealotry, I’m the one Ivanka gave a blowjob to and not you.

        That makes me and her dad.

        she told me my cum was sweeter.

    1. So what a surprise. In addition to the PPP helping the numbers, they also fraudulently reported the numbers by not including those not working due to their places of employment not being open. (They also messed up the numbers last week too)

      This clown car of a fucking government, from their helicopter antics to disperse people, to tear gassing protestors, to faking the unemployment numbers.Again.

      There is no end to the lies and the complete disregard for law and order.

  4. The real truth is there is a known error in the accounting and it says so right on the page that gives the unemployment numbers. The real number is 16-17% unemployed so nothing has changed no big increase it is an error

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