Both US and Canadian economists are shocked by how quickly the economy is recovering, as both countries transition out of their lockdowns.
In the US:
In the US, the economy added 2.5 million jobs in May dropping the unemployment rates from 14.7% in April to 13.3%. It was the largest month over month job increase since 1939. Some expected the unemployment rate would hit 19.5% in May. READ: Unemployment Rate Shocks Wall Street, Drops To 13.3% — Biggest One-Month Job Gain Since 1939
Though Canada’s unemployment rates sits at 13.7%, the highest rate since the end of World War II, Statistics Canada said the economy added 290,000 jobs in May. This shocked economists who were expecting May to continue the job loss slide after Canada lost 3 million jobs over March and April. READ: Canada unexpectedly adds 290,000 jobs on gradual reopening