In terms of individual performance, aviation stocks rose sharply, with American Airlines (AA) up 11.1% on the 5th and United Airlines up 9.5%. In addition, cruise vacation stocks rose more than 14%. In addition, banking stocks also rose across the board.
What happened behind it
Non agricultural data in may far exceeded expectations
U.S. stocks were triggered by a set of employment data. The U.S. Department of Labor reported Friday that the total number of non-agricultural employment in May unexpectedly increased by 2.509 million, the largest monthly increase since 1939. The market is expected to reduce by 8 million. The unemployment rate fell to 13.3%.
The improvement of the employment market reflects the limited recovery of economic activities affected by the epidemic and restrictive measures. In May, the industries with a significant increase in employment were leisure and entertainment and hotel industry, construction industry, education and medical service industry, and retail trade industry.
In May, the average hourly wage fell by 1% month on month, expected to increase by 1%, and the previous value was 4.7%. In May, the average hourly wage increased by 6.7% year on year, expected to be 8.5%, and the previous value was 7.9%.
The labor force participation rate in May was 60.8%, expected 60.1%, and the former 60.2%. In May, the employment population of the private sector increased by 3.094 million, expected to decrease by 6.75 million, and the former value decreased by 19.557 million.
The U.S. Department of labor says economic activity, which has been curbed by the outbreak and quarantine measures, has recovered to some extent. Most of the growth was contributed by temporary layoffs, which decreased by 2.7 million in May, significantly better than the previous months + 16.2 million.
According to the Wall Street Journal, the May jobs report boosted expectations of a recovery in the US economy. But concerns about the resurgence of the new crown and recent protests across the country will make the pace of recovery slow and unstable..
Trump is crazy
After the non-agricultural employment data came out, President trump said the employment report performed really well.. These data are really incredible. Well done, President trump (joking, but its true)!
Photo from Trump social media account
Trump also held a press conference later, saying that the previous economic forecast was wrong and the current trend is good. In addition, more needs to be done to support the economy.
Trump said he expects the U.S. economy to recover faster than expected from the new crown.
Ruixing coffee rises to fuse
On the evening of June 5, Beijing time, U.S. stocks opened, Ruixing coffee continued the trend of the previous day, rose more than 50% again, and triggered the circuit breaker mechanism.
By the end of the trading day, Ruixing coffee rose more than 36%.
Source: Yang Qian, editor in charge of China Economic Net_ NF4425