The Dow has soared 1,000 points after the US economy unexpectedly added 2.5 million jobs last month - with dentist offices, constructions workers and food services among the industries responsible for the boost in employment.Read more here.
The jobless rate dropped to 13.3 percent in May from 14.7 percent in April, the Labor Department's monthly employment report showed on Friday. That figure is still on par with with what the US witnessed during the Great Depression of the 1930s.
Nonfarm payrolls rose by 2.5 million jobs in May after a record plunge of 20.6 million in April, according to the report.
After weeks of dire predictions by economists that unemployment in May could hit 20 percent or more, the news that the economy added millions of jobs last month was seen as evidence that the collapse caused by COVID-19 may have bottomed out and a recovery is well underway as states loosen their lockdowns.
On Wall Street, the Dow clocked up a staggering gain of more than 1,000 points in midday trading after the report was released.
This blog is looking for wisdom, to have and to share. It is also looking for other rare character traits like good humor, courage, and honor. It is not an easy road, because all of us fall short. But God is love, forgiveness and grace. Those who believe in Him and repent of their sins have the promise of His Holy Spirit to guide us and show us the Way.
Friday, June 05, 2020
"Unexpectedly"
Whenever we get good news about the economy, the media always uses the term unexpectedly. Emily Crane reports in part in the Daily Mail,
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