Stunned By The US Jobs Report
Michelle Meyer & Alexander Lin (BofA Global Research) | The May jobs report was nothing short of stunning. The labor market recovery started earlier than expected as job growth rebounded by 2.5mn in May. In total, 22mn jobs were lost with a peak U-rate of 14.7%. The quick bounce in job growth reflects the “easy” rehiring. The path becomes more challenging thereaſter, with a long road to full employment.