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Fitch Ratings chief economist Brian...>

US DATA REACT
US DATA REACT: Fitch Ratings chief economist Brian Coulton on NFP: "This much
better than expected report reinforces our view that April likely marked the
trough in US economic activity. The sharp pick-up in leisure and hospitality
jobs and in construction and retail  employment speaks to the impact of the
easing in lockdowns in May and to the huge share of unemployed in April who were
reported to be on 'temporary' lay-off.  But it's also clear that the
relationship between weekly initial unemployment claims and the labor force
survey measure of unemployment is even weaker than we initially thought." 

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