(Bloomberg) — Jobs knowledge shocked buyers Friday, exhibiting a labor market that rebounded in May and defied expectations for one more harsh decline. Stocks prolonged good points, whereas Treasury yields spiked.Right here’s what Wall Street is saying concerning the newest knowledge:Jeffrey Rosenberg, BlackRock Inc. senior portfolio supervisor:“The message just appears to be about the pace of returning workers relative to the pace of additional layoffs and that’s a clear positive trend that the opening up in the economy across the various states had been better than what everyone was expecting to see out of this report. This is clearly a good sign that the markets had kind of been telling you for a while that we’re getting back to work.”Kathy Jones, chief mounted revenue Strategist for Schwab Heart for Monetary Analysis:“This is a big surprise and a good one, but we’re taking these numbers with a grain of salt. It’s a faster pace as the economy opened up than anyone knew. All of this is subject to a lot of revision and recalculation, but the trend indicators would suggest that as states reopen we’re getting people back to work and that’s a good sign for the economy. It’s definitely a positive surprise. I would think if this is an accurate representation of what’s going on, I would expect we would get more positive than negative numbers moving forward. The payroll protection program is maybe working better than people thought and that’s a good thing.”Seema Shah, chief strategist at Principal International Buyers:“Jobless claims and ADP data have all pointed to an increase in the unemployment numbers, so these numbers will need to be digested. But certainly the initial signs suggest that the reopening of economies has already started to heal the labor market. Average earnings fell over the month, indicating that the lower paid workers that had initially borne the brunt of the crisis are returning to work – another very positive sign for the US economy. The market response will be resoundingly positive, but it also raises the question: Does the US really need as much policy support as it is receiving?”Sameer Samana, senior international market strategist at Wells Fargo Funding Institute:“Payrolls growth came in well ahead of expectations, and showed growth, while most were expecting another sharp loss. The rebound was confirmed by a bounce-back in weekly hours, participation rate, and manufacturing and private job growth. The unemployment and underemployment rates also seem to have peaked. If confirmed by readings in the coming months, this would suggest the worst is over for the labor market, which would be a positive for the consumer, consumption, and economic growth, which we expect to trough in the second quarter. Stocks, rates and the U.S. dollar rose, while gold fell, which tells us that equity markets may have further to run. It’s too soon to tell what level of yields and yield curve steepness can be handled by markets. Past rallies have eventually found themselves struggling with higher rates and higher dollar, both of which tighten financial conditions.”Tony Bedikian, head of world markets at Residents Bank:“Businesses in several states have begun to reopen under new health and safety guidelines, but in the past few weeks, looters have taken advantage of peaceful protests and posed another setback to businesses that were trying to get back on their feet following Covid-19 shutdowns. Barring a second surge of Covid-19, the overall U.S. economy may have turned a corner, as evidenced by the surprise job gains today, even though it still remains to be seen exactly what the new normal will look like.”For extra articles like this, please go to us at bloomberg.comSubscribe now to remain forward with essentially the most trusted enterprise information supply.©2020 Bloomberg L.P.