May Jobs Report Surprises Economists with 339,000 Increase in Payrolls

The latest jobs report for May has surprised economists and caught the attention of many news outlets. According to Yahoo Finance, the report is being called “the strangest employment report for some time”. Despite the COVID-19 pandemic continuing to impact the economy, CNBC reports that payrolls rose by 339,000 in May, exceeding expectations and showing a resilient labor market. MSNBC also reported that U.S. employers added 339,000 jobs in May. Bloomberg notes that the labor market is not buying into talk of a recession, indicating that there may be hope for the economy to recover. The Wall Street Journal asks the question, “Could the Job Market Be Getting Better?” as the unexpected rise in job growth is being seen as a positive sign. The May jobs report is certainly unexpected, and many will be keeping a close eye on the next report to see if this trend continues.