Unemployment Rates Surprisingly Fall and Post-Corona Recovery Begins

Unless you’ve been living under a rock since February 2020, you’ve probably noticed the economic impact worldwide of the novel corona-virus, Covid-19. There has been little to no positive news even as Governors ease restrictions and states/counties move from red to yellow to green phases, until the May 2020 unemployment rates were released days ago. According to the Bureau of Labor Statistics, May saw an increase of 2.5 million jobs and an unemployment rate of 13.3%, down from April’s 14.7%. This number came as a overwhelmingly positive shock as most experts had predicted it to increase to near 20%, the worst figure since the Great Depression.[1]

Although the numbers are somber with 21 million Americans still out of work, the unemployment numbers show signs of an economic recovery, a recovery much quicker than anyone anticipated. The head of global markets of Citizens Bank, Tony Bedikian, says “Barring a second surge of Covid-19, the overall U.S. economy may have turned a corner, as evidenced by the surprise job gains today, even though it still remains to be seen exactly what the new normal will look like.” The sectors with the biggest increases were leisure/hospitality (+1.2M), construction (+464k), education/health services (+424k) and retail (+368k).[2]


While there may be some ambiguity to the actual unemployment rate numbers, all indications are that they will remain a positive light in this year of negativity and monotony. Vacation and travel sectors saw historic increases and the overall economic situation seems to be improving, even if ever so slightly.  Markets rallied across the board from the DJI and the SP500 to commodities trading. Given the state of current markets, combined with some positive economic numbers and a new OPEC cuts deal, now may be the time to reach out to a Guttman Sales Team member to discuss the future of your fueling needs. 


[1] https://www.nbcnews.com/business/business-news/unemployment-rate-falls-13-3-percent-economy-gains-surprise-2-n1223236

[2] https://www.foxbusiness.com/economy/may-2020-jobs-report


Written by:

I offer 8 years of energy industry (oil and gas) experience and am excited for the new opportunity in the commodity market. I am fueled by my passion to overcome obstacles while delivering dependable and reliable results to my customers. I am eager to continue building lasting relationships, explore new possibilities, and provide a positive experience for my customers.

Guttman Energy Daily Market Update Disclaimer – The information contained in this market update is derived from sources believed to be reliable; however this update could include technical inaccuracies or typographical errors and Guttman Energy does not guarantee the accuracy, completeness or reliability of this update. FURTHERMORE, THIS UPDATE IS PROVIDED “AS IS,” WHERE IS, WITH ALL FAULTS AND WITHOUT ANY WARRANTY OR CONDITION OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. GUTTMAN ENERGY ALSO SPECIFICALLY DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES. YOU USE THIS UPDATE AT YOUR SOLE RISK. This update and any view or comment expressed herein are provided for informational purposes only and should not be interpreted in any way as recommendation or inducement to buy or sell products, commodity futures or options contracts.