Global stock markets surged on Friday, after the US reported better-than-expected jobs numbers.
Economists had expected 8 million jobs to be lost in May and forecast a rise in unemployment to 19%.
“These figures have quite simply caught everyone off guard,” said Robert Alster, head of investment services at wealth manager Close Brothers Asset Management.
“To add more than two and a half million jobs is, quite frankly, a stunning result and seems, certainly on the face of things, to back-up the economic justification for an early ‘un-lockdown.’”
The unexpected numbers sent stock markets around the world surging. European markets had been between 0.5% and 1.5% higher ahead of the figures but leapt after the numbers were published.
“Virtually no one had expected a positive number, let alone 2.5 million job gains, which helped to lower the unemployment rate to 13.3%,” said Fawad Razaqzada, a market analyst at ThinkMarkets.
“If the numbers are accurate, this suggests the economy is turning around faster than most people had expected.
“But at the same time let’s not draw too many conclusions from just one jobs report. We now want to see continued job gains and improvements in other macro data in the weeks and months ahead.”