The US stock indices rallied today due to the US economy gaining 2.5 million jobs in May. Economists had been expecting a 2.5 million jobs decline.
The unemployment rate came in at 13% vs. the projected 19%. However, the US Bureau of Labor Statistics (BLS) said that after factoring in compilation adjustments the unemployment rate was 16%.
The table below contains sectors which gained the most jobs and the % of the jobs that each sector lost in 2020 gained the job gains for key US sectors for May 2020
The surprising positive jobs report and President Trump’s leveraging it to increase his approval ratings could backfire. That Congress might not pass additional fiscal stimulus or approve of less stimulus than might have been passed prior to May report being released has become a risk.