US employment grew by 2.509 million,........>

US DATA: US employment grew by 2.509 million, dropping the unemployment rate to

13.3% in a stunning flip on market expectations, which had expected a post-WWII

unemployment level record. However, as with the last jobs report, the incorrect

classification of workers (noted by the BLS) may be holding unemployment down by

about 5 pp. Private payrolls grew by 3.094 million, the total opposite of the

-7.250 million loss in private jobs the market expected. Average weekly hours

climbed up to 34.7 from 34.2 in April, though average hourly earnings fell by

-0.96%, again, the reverse of market expectations for a 1.0% boost. Unemployed

workers won temporary layoff fell by -2.7 million to 15.3 million in May after a

sharp uptick of 16.2 million last month. Persons persons not in the labor force

but who want a job stood at 2.4 million, little changed from April. Jobs numbers

for April were revised down slightly to -20.687 million (previously -20,537).