US NFP grew 2.5m, unemployment rate dropped to 13.3%

US total non-farm payroll employment grew 2509k in May, well above expectation of -8000k decline. BLS said the improvements in the labor market reflected a “limited resumption of economic activity” curtailed in March and April due to coronavirus pandemic.

Unemployment rate dropped to 13.3%, down from 14.7%, beat expectation of 19.6%. Number of unemployed persons dropped -2.1m to 21.0m. Participation rate also rose 0.6% to 60.8%. Average hourly earnings, however, dropped -1.0% mom, below expectation of 0.7% mom.

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