Wow! Non-farm payroll data shocks with major surprise; Trump gives thumbs up, and news also comes from North Korea. Gold 'plummets' while US stocks soar.
The US added a surprising 2.509 million jobs in May, marking the largest monthly jobs increase in US history since at least 1939, exceeding market expectations of an 8 million decrease. The unemployment rate fell to 13.3%, just below April's high. Following the data release, the US dollar index briefly surged nearly 40 points, exceeding the 97 mark; spot gold fell below the $1700, $1690, and $1680 per ounce levels, narrowly avoiding falling below $1670 per ounce; the three major US stock indexes surged, with the Dow Jones index soaring over 1000 points, while the Nasdaq Composite Index rose 2.2%, setting a new record closing high.
Time:
2020-06-06 08:13
On Friday, June 5th, the US Department of Labor released unexpectedly positive non-farm employment data. The US saw a surprising surge of 2.509 million jobs in May, marking the largest single-month job growth in US history since at least 1939, exceeding market expectations of an 8 million job decrease. The unemployment rate fell to 13.3%, just below April's high. US President Trump expressed excitement, tweeting twice and tagging CNBC. Trump also stated he would seek payroll tax cuts, provide more stimulus measures, and soon announce tax incentives for the restaurant and entertainment industries. Following the data release, the US Dollar Index briefly surged nearly 40 points, exceeding the 97 mark; spot gold prices fell below $1700, $1690, and $1680 per ounce, narrowly avoiding falling below $1670 per ounce; and the three major US stock indices saw significant gains, with the Dow Jones Industrial Average surging over 1000 points, and the Nasdaq Composite rising 2.2%, setting a new record closing high.
Non-farm employment unexpectedly surged by over 2.5 million, with the unemployment rate falling to 13.3%.
Data released Friday by the US Department of Labor showed that US employment unexpectedly increased by 2.509 million in May, and the unemployment rate fell to 13.3%. This data far exceeded economists' previous expectations, suggesting that an economic recovery may be imminent.
In addition to the non-farm payroll data, news from North Korea also drew market attention. According to KCNA, a spokesperson for the North Korean United Front Department issued a statement on the 5th, stating that due to the South Korean side's tolerance of so-called "North Korean defector" groups distributing anti-North Korean leaflets from South Korea to North Korea, the inter-Korean liaison office located in the Kaesong Industrial Park would be closed.
Market Trends: US dollar rebound, gold plummets, US stocks surge.
After the data release, the US Dollar Index briefly rebounded by nearly 40 points, reaching a daily high of 97.06, and has since retreated to trade near 96.82.
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