A look at futures prices on commodities that impact the Des Moines metro area and greater Iowa. Markets were gleeful on Friday morning after a report…
A look at futures prices on commodities that impact the Des Moines metro area and greater Iowa.
Markets were gleeful on Friday morning after a report showing 13.3% unemployment, the second-highest rate since the Great Depression. The reason for their optimism? Things didn’t get worse after April’s record-breaking 14.7% rate.
Investors had been fearing that May’s unemployment rate would rise to near 20%, and that another 8 million jobs were lost during the month. Instead, the economy bounced back, adding back 2.5 million jobs. While this barely puts a dent in the 22 million jobs lost during the coronavirus outbreak, reversing the losses was a welcome sign.
This news sent stock markets to their highest level since late February, when the disease outbreak was still seen as an isolated issue in the United States.
