Canada unexpectedly gained 289,600 jobs in May even as the jobless rate hit a record high at 13.7%, data showed on Friday, buoyed by the loosening of stay-at-home restrictions in certain parts of the country.
U.S. stocks jumped at the open on Friday after a closely watched report showed a surprise drop in the U.S. unemployment rate, lending weight to hopes of a faster economic rebound from a coronavirus-driven slump.
CNBC's Jim Cramer on Friday raved about the May jobs report, saying the 2.5 million jobs added was evidence the U.S. economy was bouncing back from the coronavirus-induced devastation.
The U.S. economy unexpectedly added jobs in May after suffering record losses in the prior month, offering the clearest signal yet that the downturn triggered by the COVID-19 pandemic was probably over, though the road to recovery could be long.
President Donald Trump on Friday sent a tweet taking credit for a stunning U.S. jobs report that showed the country's unemployment rate dropped during the thick of the coronavirus pandemic, and then announced he would hold a news conference at 10 a.m. (1400 GMT) on the topic.
The U.S. unemployment rate unexpectedly fell in May and layoffs abated, the Labor Department said on Friday in a report that showed the latest signs the economic downturn caused by the COVID-19 pandemic was bottoming.
Oil prices rose on Friday after an unexpected fall in the monthly U.S. jobless rate and OPEC's decision to bring forward to Saturday discussions on whether to extend record production cuts.
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Canada added a net 289,600 jobs in May, with most of the employment gains coming in full time, Statistics Canada said on Friday. The rebound in May hiring comes after Canada lost a record-breaking 2 million jobs in April.
French luxury goods giant is not seeking to renegotiate its $16.2 billion acquisition of U.S. jewelry chain Tiffany & Co after deliberating whether to do so, people familiar with the matter said on Friday.
WeWork will invest $100 million in its Indian business as the office-sharing startup looks to work its way through the ongoing coronavirus crisis, which has hit its business and kept people indoors for months.
Before you invest in a startup, consider whether it has sufficient market potential and room for growth. Continue reading
Takeshi Niinami, the head of Japanese drinks and food group Suntory Holdings and a government adviser, predicted on Friday that more than 20% of bars and restaurants could fail due to the coronavirus pandemic.
French luxury goods giant is not asking to renegotiate its $16.2-billion acquisition of U.S. jewelry chain Tiffany & Co after deliberating whether to do so, people familiar with the matter said on Friday.
Numerous big-name hedge fund managers have been skeptical of the stock market's swift bounce back from its March low.