Economists were shocked on Friday as US employers added 2.5 million payrolls in May, defying expectations for 7.5 million jobs lost. The surprise increase comes on the heels of the 20.5 jobs lost in April, which was a record.

Meanwhile, the unemployment rate declined to 13.3%, bucking forecasts expecting a near-record 19%. The prior month's 14.7% reading was the highest since the Great Depression of the 1930s.

This story is developing. Please check back for updates.

nfp growth may 2020
nfp growth may 2020
Andy Kiersz/Business Insider

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