PERMANENT LAYOFFS RISE…

May nonfarm payrolls: +2.5M vs. -8.00M consensus and -20.7M previous (revised from -20.5M) Unemployment rate: 13.3% vs. 19.7% consensus and 14.7% previous. Stock futures climb — S&P futures +1.3%, Dow +1.9%, and Nasdaq +0.3%. Treasurys fall, boosting 10-year yield 11 basis points to 0.94%. Reflects a limited resumption of economic activity that had been hurt in…

PERMANENT LAYOFFS RISE…

May nonfarm payrolls: +2.5M vs. -8.00M consensus and -20.7M previous (revised from -20.5M)
Unemployment rate: 13.3% vs. 19.7% consensus and 14.7% previous.
Stock futures climb — S&P futures +1.3%, Dow +1.9%, and Nasdaq +0.3%. Treasurys fall, boosting 10-year yield 11 basis points to 0.94%.
Reflects a limited resumption of economic activity that had been hurt in March and April due to the coronavirus pandemic.
RSM US Chief Economist Joseph Brus
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