The U.S. regained 2.5 million jobs in May and the unemployment rate fell to 13.3%, confounding Wall Street expectations for another big wave of layoffs and signaling the economy began to revive last month after probably the worst economic crisis in American history since the Great Depression of the 1930s.
Stock prices surged after the surprisingly upbeat May employment numbers. Economists polled by MarketWatch had forecast a loss of 7.25 million jobs. The unemployment rate was expected to rise to 19% from a post-World War Two record of 14.7% in April.
