Job Report Shock: May Payrolls Rose By 2.5 Million, Crushing Expectations Of 7.5 Million Drop, Unemployment Rate Slides Tyler Durden Fri, 06/05/2020 - 08:38 In our preview of today's historic job's report we said that on one hand "the labor picture will be far worse than anything observed before in US history, eclipsing the darkest days of the Great Depression"; on the other nobody will care and markets will likely soar as the report "tells us what we already know" and there is "little in the BLS report that will offer any forward-looking insight – that will depend on progress regarding the reopening of economies, and official support measures." Well, take all that and throw it out of the window, because moments ago the BLS shocked markets when it reported that, in line with the much more optimistic ADP report, not only did May payrolls not drop by the 7.5 million expected drop, but ctually INCREASED by 2.5 million, crushing expectations! Just as shocking is that the unemployment rate which was expected to surge to a record 19.1% in May from 14.7% in April, actually declined in May to 13.3% (although Black unemployment did rise modestly). And in continuing the bizarro world of now completely meaningless data, the average hourly earnings dropped from last month's revised 8.0% actually dropped to 6.7%, also mocking expectations of an increase to 8.5%. Developing.