Weekly economic review & outlook
Job growth for May shocks to the upside
June 08, 2020
You Need to Know
Week in review
More than 2.5 million job gains for May
In a shock to forecasters, millions of workers were rehired in May as economies reopened, while the unemployment rate fell from April’s record high.
Business surveys show improvement, too
The ISM indices for services and manufacturing each climbed during May as production picked up with new orders starting to flow in again.
Consumer inflation should see a modest gain
May’s CPI and core CPI readings should both edge higher for May, following an unprecedented April.
Consumer sentiment expected to fall a bit
While the economy recovers from what was likely the low point in the recession, consumer sentiment could nonetheless take a modest step back as a result of the widespread civil unrest throughout the country.
The pace of hiring for May upended expectations with a 2.5 million increase in nonfarm payroll employment — the largest monthly job increase in history.