Here's why the May jobs report shocked economists that were expecting near-record unemployment and massive losses
left plenty of people scratching their heads. Back in April, unemployment had surged to nearly 15% as the economy shed 20 million jobs. Experts had projected unemployment levels would hit 20% for May.
But the economic downturn caused by the coronavirus pandemic isn't a typical one. The public health emergency led to the shutdown of vast swaths of the economy, and not the collapse of certain sectors such as finance back in 2008. The broad scope increases the prospect of an economic rebound once the coronavirus crisis is dealt with.Baillie Gifford cashed in on Amazon and Tesla before the vast majority of investors.
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