May unemployment rate comes in at 13.3%, better than the 19.5% expected

  • Employment stunningly rose by 2.5 million in May and the jobless rate declined to 13.3% according to data Friday from the Labor Department that was far better than economists had been expecting and indicated that an economic turnaround could be close at hand.
  • Economists surveyed by Dow Jones had been expecting payrolls to drop by 8.333 million and the unemployment rate to rise to 19.5% from April’s 14.7%. The May gain was by far the biggest one-month jobs gain in U.S. history since at least 1939.

 (Source: CNBC)