Today, it was reported that the U.S. unemployment rate dropped from a post-WWII high of 14.7% in April to 13.3% in May.
The consensus expectation for May was 19.7%.
The market rallied sharply on the news.
It should be noted, however, that the current unemployment rate is still considerably higher than at any other time in the history of this survey — the data goes back to 1948.
FYI — The peak unemployment rate during the Great Depression was 24.9% in 1933. However, that is just a consensus estimate by economists.
