U.S. stocks were up across the board after it was reported the country brought back more than half a million jobs.
Data unveiled by the Labor Department today shows that the U.S. added back an additional 559,000 jobs in May. However, that fell short of the 671,000 figure that economists surveyed by The Wall Street Journal, and Dow Jones were expecting.
Also, although the unemployment rate of 5.8% slightly beat expectations, it’s still relatively high. Before the onset of the coronavirus pandemic, the U.S. had 8 million more jobs.
Even though Covid-19 cases continue to decrease as wages rise, employers are still having a tough time persuading people to return to wor, a result, say economists, of enhanced unemployment benefits, as well as childcare and health concerns.
"What I see here is somewhat of a 'Goldilocks' overall economy. I see that employment is increasing," Chase chief economist Anthony Chan told Yahoo Finance today.
"I'm a little bit disappointed that we didn't see a bigger jump in leisure and hospitality, which may explain why that average hourly earnings number came in just a little hotter, because remember those are lower cost types of jobs."
But still, Wall Street was not overly concerned today about jobs coming back at a slower pace. As of Intraday, the Dow Jones climbed 148 points, the S&P 500 gained 31 points, and the Nasdaq Composite climbed 170 points.
Despite the wild short squeeze trading run led by AMC (NYSE: AMC), and some big tech stocks continuing to see volatility over fears of interest rising interest rates, the markets remained calm for the most part. This week, the S&P 500 is up 0.47% and the Dow has risen 0.49%.
Investors appear to be optimistic, focusing on the reopening economy and a return to pre-pandemic normalcy.