Business > Economy

'Greatest miss in forecasting history': 4 economists and strategists react to Friday's surprising May jobs report

1 month ago   |   By Business Insider

The May jobs report released Friday from the Labor Department showed the US economy gained 2.5 million jobs and the unemployment rate declined to 13.3%.
It was a major surprise for economists and strategists as the consensus estimate was for more than 8 million jobs erased and the unemployment rate to surge to 19.5%.
Here's what four economists and strategists said about the Friday report.
Visit Business Insider's homepage for more stories .
The May jobs report on Friday came as a surprise to many when it showed that the US economy added payrolls in the month and that the unemployment rate...
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What to Make of the Rebound in the U.S. Jobs Report

What to Make of the Rebound in the U.S. Jobs Report

1 month ago   |   By NY Times

Payrolls added 2.5 million workers in May, and the unemployment rate fell to 13.3 percent, with many of the gains in restaurant jobs.
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The U.S. unemployment rate fell in May to 13.3%, signaling a move from recession to recovery

1 month ago   |   By Fortune

Subscribe to How To Reopen , our weekly newsletter on what it takes to reboot business in the midst of a pandemic .
The unemployment rate dropped from 14.7% in April to 13.3% in May. It's a surprising drop; many were expecting it to surge to Great Depression levels in May. And it signals a recovering job market.
Economists were expecting today's number to show an unemployment rate of 19.5%, according to a Bloomberg consensus estimate .
Moody's Analytics chief economist Mark Zandi told Fortune on Wednesday that recent economic data point to the recession having ended in the month of May...
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U.S. Unemployment Rate Falls Slightly as 2.5 Million Jobs Added Amid Reopening

1 month ago   |   By Time

The U.S. unemployment rate fell to 13.3% in May from 14.7%, and 2.5 million jobs were added - a surprisingly positive reading in the midst of a recession that has paralyzed the economy in the wake of the viral pandemic.
The May job gain suggests that businesses have quickly been recalling workers as states have reopened their economies.
Other evidence has also shown that the job market meltdown triggered by the coronavirus has bottomed out. The number of people applying for unemployment benefits has declined for nine straight weeks. And the total number of people receiving such aid has...
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