US stocks may see more upside on jobs data

US stocks could see more gains this week if economic data backs up signs of a recovery, after employment surprisingly rose by 2.5 million in May and the jobless rate fell to 13.3 per cent.

Based on weekly unemployment claims, economists had earlier forecast a loss of 7.5 million American jobs last month and the unemployment rate to hit almost 20 per cent.

The encouraging numbers released by the US Labor Department suggests that an economic rebound could be around the corner.