The unemployment rate in May declined to 13.3%. Economists had predicted that the U.S. economy would lose 7.5 million jobs in May and that the unemployment rate would be close to a historic 19%.
CNBC’s Jim Cramer reacted to the May Jobs Report stating, “It is a stupendous number. It is superb… We’re back. 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.”
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