Record Jobs Report Stuns Markets
- On Friday morning, the U.S. non-farm payroll report for May was released
- A loss of 7.7 million jobs was expected
- Instead, 2.5 million jobs were created, the most ever in one month
- Private businesses hired over 3 million workers in the month of May
Markets are rocketing higher on what is literally the best U.S. jobs report in history. The U.S. economy created 2.5 million jobs, That's the most jobs ever created in one month, but if we dig deeper, the figures are even more impressive.
The S&P 500 e-mini futures chart captured the moment the report made its impact.
The number was actually better than it appears on the surface. The U.S. private sector actually created over 3 million jobs, but the number was watered down to 2.5 million due to the loss of 585,000 government jobs.
As of 11 a.m. on Friday, the Dow Jones Industrial Average had gained nearly 900 points to break above 27,000. The Nasdaq climbed 185 points and is now within shouting distance of 10,000. The S&P 500 gained nearly 90 points to trade above 3200.
As previously indicated, the bullish market trend is set to continue.