Groupon Inc.'s (NASDAQ:GRPN) shares popped Monday as investors continued to digest positive jobs data that was published on Friday. The company's shares climbed as high as 17.9% in the morning.
Groupon's shares were up 15.2% as of 11:59 a.m. EDT.
While the U.S. economy is a long way away from fully recovering from the damage COVID-19 has wreaked on nearly every industry, investors are reacting positively to a Labor Department report published on Friday that said the U.S. added 2.5 million jobs in May.
Eugene Scalia, the U.S. Secretary of Labor said in a press release, "Today's report shows much higher job creation and lower unemployment than expected, reflecting that the reopening of the economy in May was earlier, and more robust, than projected."
The report said that unemployment fell in May to 13.3%, down from April's high of 14.7%. While many Americans are still out of work, May's job growth is an early indicator that at least some businesses are beginning to open back up and bring people back to work.
Investors are hoping that more positive economic news will follow as states begin to ease social distancing rules and businesses welcome back customers.
Groupon's share price jump today contributed to the company's 58% stock price climb over the past three months. Investors are optimistic about the potential for the U.S. economy getting back on track and consumers opening their wallets back up. But the labor market will likely take many more months to recover from the effects of the coronavirus, and many don't expect a full economic recovery until late 2021.