The consensus from economists for this week’s employment report was a payroll decline of 7.5 million employees, which would translate into an unemployment rate of 19.1%. Based on everything we’re hearing and seeing in the economy and economic data throughout the pandemic, this seemed like a decent estimate of what was to come. To quote the legendary Bob Uecker, this estimate was: {video} These were the actual numbers (graph from the NY Times): {image} Instead of 7.5 million jobs lost in May, there were 2.5 million jobs added. And the unemployment rate didn’t scream higher to 19.1%, it actually fell to 13.3%:{image} (full story)