Covid-19 Causes A Good Surprise

Published June 5, 2020, 6:37 p.m. EST

The Covid-19 epidemic surprised the world again Friday morning, when the Labor Department announced 2.5 million jobs were created in May.

According to Yardeni Economic Research, an independent economic research firm to institutional investors, Wall Street had expected a loss of 4.25 million jobs in May.

Through the end of April, the economy lost a stunning 20.6 million. The additional jobs losses that had been expected would have made the epidemic the biggest job killer since The Great Depression of 1929.

The May unemployment rate had been expected by Wall Street to rise to 19.7%, from 14.7% in April. It dropped to 13.3%!

The Standard & Poor's 500 (S&P 500) closed at 3,193.93, up 4.8% from last week and 35.2% from the March 23rd bear market low.The index had gained 3% a week earlier and 3.2% the week before.


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This material represents an assessment of the market and economic environment at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions.

This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial advice without consulting a professional about your personal situation.

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