- US, Wall Street is trading with strong increases after fall in unmployment
- Dow Jones Industrial Average rose 554.98 points, or 2.11%, to 26,836.80 units.
- Unemployment in the United States fell to 13.3% in Mayfrom a level of 14.7% in April, after the economy created 2.5 million jobs .
US, Wall Street opened with gains of 2.6% on the Dow Jones Index. The unemployment rate fell to 13.3% in May after the economy created 2.5 million jobs
Wall Street opened with a rise of 2.6% after the unemployment rate in the United States registered a surprise drop in May and fell to 13.3% , defying analysts’ expectations amid the coronavirus pandemic, much to the delight of President Donald Trump , who is seeking reelection in November.
The Dow Jones Industrial Average rose 554.98 points, or 2.11%, to 26,836.80 units. The S&P 500 gained 51.49 points, or 1.65%, at 3,163.84 units, and the Nasdaq Composite added 87.73 points, or 0.91%, at 9,703.54 units.
Unemployment in the United States fell to 13.3% in Mayfrom a level of 14.7% in April, after the economy created 2.5 million jobs .
“This improvement in the labor market reflects a limited resumption of economic activity that had been reduced in March and April by the coronavirus pandemic (COVID-19) and efforts to contain it,” said the Bureau of Employment Statistics.
These figures exceeded analysts’ most optimistic forecasts , which projected that the unemployment rate could rise to 20%, with a loss of 8 million jobs. This figure evoked the worst stages of the Great Depression of the last century.
President Trump, has been following employment indicators and stock market numbers closely, in his speech celebrated this ” impressive employment report ” on Twitter . The president stated: “These numbers are amazing!”
“ Great Job report. Great President Trump (joke but true)! “He added, knowing the indicators that generated a shock in international markets by projecting a speedy recovery in the economy of that nation, which could have consequences for the rest of the world. “I am so stunned, I have never seen numbers like this and I have been doing this for 30 years!” Emphasized the head of state.
The president will give a press conference at 10:00 Eastern time to discuss these numbers.
“Oh no, the Democrats are worried again. The only one who can kill this comeback is Sleepy Joe Biden! It is a great number. It is happy, let’s say it as it is. The market was right. Is awesome! It is a wonder for any stretch of the imagination! “, He said in another message.
As of yesterday, more than 40 million Americans have applied for unemployment benefits since the start of the coronavirus pandemic crisis , following a weekly increase of 2.1 million orders. In the past 10 weeks, 40.7 million applications were submitted to the Department of Labor. Although the latest report is far from the maximum peak, which was 6.9 million in a week, it remains at historically high figures, still above the levels shown in the Great Recession of 2008-09 and multiplying the average by 10 weekly prior to the pandemic.