US VP Pence: Jobs data indicates recovery begins today

US Vice President Mike Pence told CNBC on Friday that he saw the upbeat jobs data as a sign suggesting that the economic recovery "begins today."

"Administration will continue to help families, small businesses hurt economically by the coronavirus," Pence added and reiterated that President Trump still believes a payroll tax cut is still needed. "Trump administration will do what needs to be done to bring the US economy fully back."

Market reaction

The market mood remains upbeat following these comments with Wall Street's main indexes gaining between 1.45% and 2.85%.