Americans' paychecks got a lot smaller in May — and that is actually a good sign. Plus 4 other essential business stories.

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Catch up on today's business news: ➡️ US unemployment actually dropped last month ➡️ Gap's risky strategy to clear out its glut of inventory ➡️ Facebook fallout over the President's posts ➡️ Reddit cofounder Alexis Ohanian resigns from board

Friday threw us all for a loop with those job numbers, eh? We'll get into that. Also on deck: mega 90s nostalgia for all the old millennials out there; a Facebook staffer explains why he just quit his job; and Alexis Ohanian, aka Mr. Serena Williams, is resigning from Reddit's board.

WOW, WE WERE WAY OFFWe thought we were so smart. All week, we've been warning you about the record 20% unemployment rate that was about to be confirmed by the US jobs report. We even prepared charts to show just how bad it would be. But then, around 8:30 ET this morning, you could have knocked us all over with a feather. Rather than another month of carnage, unemployment actually dropped last month.

"I think [Zuckerberg is] scared to take action when it really, really matters," Aveni said."And that concerns me because I don't know how many chances we have to do the right thing anymore. I think we're seeing the country go down a really, really dangerous path." Read more about why he chose to leave. OHANIAN'S OUTAlexis Ohanian is stepping down at Reddit and urging the board to replace him with a black candidate.

 

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Hey cnn, why is nobody reporting on the two footnotes on the jobs report that admit a major calculation error saying it falsely claimed 13.3 when the actual s is 16.3 or higher? At least the washingtonpost got it right

Show the protests.

Laughable CNN and MSNBC having bad day because economy made big improvement in May. You people wanted economy to go into recession to help Biden. Too bad, you suck at wishing.

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