NEW YORK (June 5th) - The May jobs report stunned the market, printing up 2,509,000 new jobs, obliterating a consensus estimated loss of 8,000,000 jobs. Revisions for March (-492,000) and April (-150,000) netted an additional 642,000 fewer jobs. The DJIA responded by jumping about 700 points at the open, with airlines and cruise lines jumping substantially.
The May print somewhat ameliorated the horrible trend we saw in April, which had eviscerated the average jobs print in the three-month and six-month average categories.
The seasonally adjusted unemployment rate ticked up slightly, down from 14.7% in April