You want the good news or the bad news? Let’s start with the good news.
The jobs report released Friday morning was spectacularly better than expectations. Markets had been expecting that the Bureau of Labor Statistics would report a decline of more than 7 million payroll jobs in May, after a loss of more than 20 million jobs in April. Instead, to nearly everyone’s shock, employers added jobs on net in May — 2.5 million of them, to be exact. The official unemployment rate fell to “only” 13.3 percent, down from 14.7 percent the previous month.
