On May 12, 2020 we emailed our clients saying that while these are unprecedented times as the most robust jobs market in American history has been shut down, America is starting to reopen for business! It will be slow at first, not doubt… but all the pent-up consumer demand will soon once again be driving the economy!
It appears that our sense of the economy was spot on given the June 6 headline “Blockbuster jobs rally puts US on fast track to coronavirus recovery”.
We said it then and we will say it again… “We believe that NOW is the time to be in the market looking for the best talent America has to offer!”
‘More people getting jobs means more consumption, which means more GDP’
Jonathan Garber wrote, “American businesses unexpectedly added jobs in May, a sign the U.S. economy is rebounding faster than anticipated from the sharpest economic slowdown of the postwar era.
Non-farm employers added 2.5 million workers last month, pushing the unemployment rate down to 13.3%, a sharp turnaround from the loss of 8 million jobs expected by Wall Street analysts that would have pushed unemployment to 19.8%.
The report “can only be described as spectacular,” Torsten Slok, chief economist at Deutsche Bank, told FOX Business. “There’s still a long road ahead, to be sure, but the fact that number was 10 million better than what was expected really does reveal that the economy, at least where we stand now, is improving quicker than what anyone had expected.”
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