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May’s shocking jobs gains show economy bouncing back

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CNBC’s Jim Cramer on Friday raved about the May jobs report, saying the 2.5 million jobs added last month was evidence the U.S. economy was bouncing back from the coronavirus-induced devastation.

“We’re back,” he said on “Squawk Box.” “I think there were a lot of people who felt that the layoffs would be permanent, and it’s obvious that there’s so much demand that people have to bring people back.” 

The nation’s unemployment rate in May declined to 13.3%, according to the Labor Department.

Economists surveyed by Dow Jones had anticipated that nonfarm payrolls would drop by 8.3 million and the jobless rate would increase to 19.5% from April’s 14.7% rate on 20.7 million job…



Source cnbc.com

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