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President Donald Trump is slated to speak Friday following the largest U.S. jobs gain ever.
Nonfarm payrolls rose by 2.5 million in May, driving the unemployment rate down to 13.3%, according to the Bureau of Labor Statistics. Economists surveyed by Dow Jones expected payrolls to decline by 8.3 million and the unemployment rate to rise to 19.5% from 14.7% in April.
The U.S. lost a record 20.5 million jobs in April.
The May job gains were driven by the reopening of businesses nationwide, as most states began to scale back restaurant closures and lift public health restrictions set during the coronavirus pandemic.
After the release of the jobs report, Trump celebrated in a series of tweets and retweets acknowledging the growth.
“It’s a stupendous number. It’s joyous, let’s call it like it is. The Market was right. It’s stunning! @jimcramer @CNBC,” he said in one tweet, specifically calling out Jim Cramer of CNBC’s “Squawk on the Street.”
The coronavirus outbreak has spread to dozens of countries, with more than 6.6 million confirmed cases worldwide and over 391,588 deaths, according to data from Johns Hopkins University. There are at least 1.8 million cases in the United States and at least 108,211 deaths, Hopkins data showed.
— CNBC’s Jesse Pound contributed to this report.