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Gage Skidmore from Peoria, AZ, United States of America via Wikimedia Commons



The Bureau of Labor Statistics reported today that the economy added 2.5 million jobs in May, lowering the unemployment rate to 13.3% from 14.7% in April.

Economists had expected the loss of 8.3 million jobs for the month and an unemployment rate of 19.5%. CNBC’s Jeff Cox called it the biggest jobs report ever.

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. 

The stock market burst higher following the report as the Dow Jones Industrial Average opened higher by around 700 points. Government bond yields raced higher as well, with the benchmark 10-year Treasury most recently at 0.91%.

President Donald Trump expressed pleasure at the report, directing two tweets to CNBC.

It’s a stupendous number. It’s joyous, let’s call it like it is. The Market was right. It’s stunning! @jimcramer @CNBC