MAY UNEMPLOYMENT REPORT, JUMPS TO 5.5% - LOSS OF 49,000 JOBS

Better than expected jobs report. Forecasts were for a loss of 60,000 jobs and the report shows a loss of 49,000. What we need to look at is any revisions. Those should be available soon.

The unemployment rate jumps to 5.5%. What is up there. Did a bunch of Americans get off the couch and decide to look for jobs last month?

The revisions are:

March from 81,000 to 88,000 job losses.
April from 20,000 to 28,000 job losses.

On top of the 49,000 job losses we had another 15,000, therefore there are 64,000 less jobs than we thought yesterday.

Let's see how the market reacts??????????????

read the jobs report here: http://www.cnbc.com/id/25000080