U.S. | May employment figures suggests recovery underway

Summary

With 2.5M jobs being added and the unemployment rate declining 1.4pp to 13.3% in May, it seems fair to assume that the economy has reached bottom and the recovery is underway.

Key points

• Key points:
• The industry-level disparities signaled a turning point in the economy with the magnitude of recovery reflecting the impact that relaxation of stay-at-home orders and less intensive voluntary social distancing had on certain industries
• In terms of wages, average hourly earnings fell 1.0% after rising 4.7% in April and 0.6% in March

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