Unexpected Jump In The May Unemployment Rate

The Labor Department reported that the May nonfarm payroll number showed a decline of 49,000 jobs versus the expectation of a loss of 60,000 jobs. The unemployment rate jumped from 5.0% in April to 5.5% in May, which represented the biggest increase since 1986. Average hourly earnings rose 0.3%, more than the estimate of 0.2%. Year-over-year, the rate of increase remained at 3.5%. Details from Bloomberg...