The job market just took its first encouraging turn this pandemic as unemployment is starting to shrink.

State-level jobless rolls dropped for the first time since the start of the pandemic, a sign people are starting to return to work amid a gradual reopening of the economy.

Prolonged unemployment can weigh on consumer sentiment and spending, crushing hopes of a quick economic recovery.

The stock market rally shows that investors are optimistic about states reopening, but economists have warned that the recovery from the pandemic could take years.

The reopening of the economy could cause a second wave of infections, which would delay the economic recovery.

The stock market seems to dismiss the notion that the economy won’t return to normal for a long time.

The stock market is anticipating a fast recovery, but economic data don’t tell the same story.