New Jobs numbers for May were released this morning. Experts had predicted unemployment to rise from 14.7% in April to a new record of 19.5% due to continued shutdowns over the coronavirus according to CNBC. That would be about 8 million more jobs lost. However everyone was shocked that rather than rising, unemployment fell....a lot!
The May gain was by far the biggest one-month jobs gain in U.S. history since at least since they began keeping records in 1939.
2.5 million new jobs were created in May!
This seems to be the V shaped recovery that the President had predicted, but it's happening much sooner than most had expected.