We saw a remarkable upside surprise in the #JobsReport today, as a 2.5 million job gain underscored the fact that people are getting back to work and we’re carving out a bottom in the #labor #market.
Indeed, we may well find that the #unemployment rate peaked at less than 15% in April, since May’s data revealed a decline to just over 13%.
Further, today’s numbers were heartening in many ways, as #job gains in leisure and hospitality, #retail, and the #construction sectors, of 1.24 million, 368,000 and 464,000, respectively, suggest those businesses in which activity had slowed dramatically are bouncing back.
We also think that this #payroll report directs our focus toward the @federalreserve meeting next week, where we will learn more about how the central bank plans to further pursue #policy to bring the #economy back to full #employment.
Finally, even apart from today’s upside surprise, too much attention has been paid to the fact that the #stock market has not generally reflected the #employment dynamic.
That fact has largely been because #equity #markets today have dramatically increased #technology and healthcare-sector concentrations, areas performance has remained solid.
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