Stunning news that the U.S. economy added over 2.5 million jobs in May fanned hopes for a rapid rebound, and fed into growing optimism about cities and states relaxing the coronavirus-related restrictions that have hobbled activity and crushed the jobs market.
Friday’s non-farm payrolls report, which showed the U.S. unemployment rate unexpectedly dropping to 13.3%, boosted the market’s growing belief that the economy would rebound sooner rather than later. It also shed new light on the impact of states reopening their economies, despite ongoing concerns about a resurgence in COVID-19 infections.
However, ongoing protests against the killing of George Floyd in Minneapolis at the hands of police officers have resulted in riots and damaged businesses. The mass demonstrations taking place across America have also worried public health officials that the virus could see a dreaded second wave — especially with infections outside of New York, the U.S.’s largest COVID hot