Stocks boom Friday after report shows major U.S. job growth
https://www.upi.com/Top_News/US/2020/06/...591373435/
RELEASE: U.S. stocks boomed early Friday following a major surprise in the federal government's labor report that showed the economy grew by more than 2 million jobs last month. Analysts expected the report to show between 7 and 8 million jobs lost for the month of May. Instead, the assessment shocked virtually everyone by reporting job growth of 2.5 million payrolls and a declining unemployment rate.
The Dow Jones Industrial Average surged by more than 1,000 points and was up 900 points by 12:30 p.m. EDT. The S&P 500 was up 85 points and the Nasdaq composite had gained more than 200. Friday's surge continued significant growth for all three major U.S. indices over the last three weeks. The Dow has grown by nearly 10 percent over that span and posted gains for every day this week, except Thursday when it closed with a slight loss. Airline stocks have also grown significantly this week as carriers prepare to begin increasing passenger totals following weeks of depressed travel demand due to the coronavirus pandemic.
U.S. gains 2.5 million jobs in May; unemployment declines
https://www.upi.com/Top_News/US/2020/06/...591356323/
INTRO: The U.S. economy gained 2.5 million jobs during the month of May, the Labor Department said Friday in its monthly jobs report -- a major surprise to economists and the first labor increase since February. The report also said U.S. unemployment declined to 13.3 percent. The figure represents the largest month-to-month increase since the 1930s.
Many analysts expected between 7-8 million job losses in May, following a record decline of more than 20 million in April. "These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus pandemic and efforts to contain it," the department said. "In May, employment rose sharply in leisure and hospitality, construction, education and health services, and retail trade. By contrast, employment in government continued to decline sharply."
On Wall Street, the Dow Jones Industrial Average soared by more than 1,000 points after the report's release... (MORE - details)
https://www.upi.com/Top_News/US/2020/06/...591373435/
RELEASE: U.S. stocks boomed early Friday following a major surprise in the federal government's labor report that showed the economy grew by more than 2 million jobs last month. Analysts expected the report to show between 7 and 8 million jobs lost for the month of May. Instead, the assessment shocked virtually everyone by reporting job growth of 2.5 million payrolls and a declining unemployment rate.
The Dow Jones Industrial Average surged by more than 1,000 points and was up 900 points by 12:30 p.m. EDT. The S&P 500 was up 85 points and the Nasdaq composite had gained more than 200. Friday's surge continued significant growth for all three major U.S. indices over the last three weeks. The Dow has grown by nearly 10 percent over that span and posted gains for every day this week, except Thursday when it closed with a slight loss. Airline stocks have also grown significantly this week as carriers prepare to begin increasing passenger totals following weeks of depressed travel demand due to the coronavirus pandemic.
U.S. gains 2.5 million jobs in May; unemployment declines
https://www.upi.com/Top_News/US/2020/06/...591356323/
INTRO: The U.S. economy gained 2.5 million jobs during the month of May, the Labor Department said Friday in its monthly jobs report -- a major surprise to economists and the first labor increase since February. The report also said U.S. unemployment declined to 13.3 percent. The figure represents the largest month-to-month increase since the 1930s.
Many analysts expected between 7-8 million job losses in May, following a record decline of more than 20 million in April. "These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus pandemic and efforts to contain it," the department said. "In May, employment rose sharply in leisure and hospitality, construction, education and health services, and retail trade. By contrast, employment in government continued to decline sharply."
On Wall Street, the Dow Jones Industrial Average soared by more than 1,000 points after the report's release... (MORE - details)