BREAKING: NFP report shows unexpected addition of 2.5 million jobs!

1:37 PM June 5, 2020

The NFP report for May has just been released. Data  was expected to show another month of massive multi-million lay-offs. However, report turned out to be a massive surprise to everyone. Details of the report:

  • Change in non-farm payrolls: +2509k (exp. -8000k)

  • Unemployment rate: 13.3% (exp. 19.7%)

  • Wage growth: 6.7% YoY (8.6% YoY)

It should be said that real market expectations were probably lower after an ADP report suggested a drop in employment of "just" 2760k in May. However, the reading is impressive. Stock indices surged on the release with US500 reaching 3,150 pts. US dollar also caught a bid with EURUSD pulling back from 1.1330 to below 1.1300.

NFP report showed an unexpected 2.5 million increase in jobs in May in spite of ADP data suggesting a drop. Source: Bloomberg

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