U.S. Unemployment Rate Unexpectedly Falls To 13.3% After May Job Gains

The video discusses the unexpected job gains of 2.5 million in May, contrary to predictions of rising unemployment. This led to a significant market reaction with Dow Futures jumping 600 points. The Bureau of Labor Statistics attributes this to the reopening of economies after widespread lockdowns. Despite the overall job gains, the leisure and hospitality sector was initially the hardest hit but later saw a hiring spike. The average hourly wage fell, reflecting the increase in lower-paid jobs. The video concludes with a brief summary by Caitlin Baldwin.

What significant event led to mass layoffs and furloughs in March and April?

What does the average hourly wage for workers reflect according to the report?