The May jobs report came out today, and it shocked everyone. It shows nonfarm payrolls up by 2.5 million, and unemployment dropping to 13.3%. This compares with private forecasts, where the median prediction was 7.5 million jobs lost in May and an unemployment rate of 19.2 percent. The numbers may be a little wacky; some economists think the BLS’s methodology can’t quite cope with today’s unusual circumstances.
But that is probably a quibble. There is no way to spin this as anything but good news. At the moment, the Dow is up 700 points. If the narrative takes hold that America is roaring back, Joe Biden may as well start scouting retirement homes.
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