OPINION| Lawrence David| The jobs report released earlier today revealed an astounding economic turnaround much to the dismay of President Trump’s detractors.
Economists had estimated that the unemployment rate would rise to 20 percent in May. It didn’t. The same economists predicted that the economy would shed eight million additional jobs. It didn’t.
(CNBC) Employment stunningly rose by 2.5 million in May and the jobless rate declined to 13.3%, according to data Friday from the Labor Department that was far better than economists had been expecting and indicated that an economic turnaround could be close at hand.
Economists surveyed by Dow Jones had been expecting payrolls to drop by 8.33 million and the unemployment rate to rise to 19.5% from April’s 14.7%. If Wall Street expectations had been accurate, it would have been the worst figure since the Great Depression.
As it turned out, May’s numbers showed the U.S. may well be on the road to recovery after its fastest plunge in history.
(FoxBusiness.com) President Trump on Friday promised a “rocketship” rebound from the coronavirus pandemic, suggesting 2021 could be one of the “best years” for the U.S. economy after the better-than-expected May jobs report.
“Next year is going to be one of the best years we’ve ever had economically,” Trump said during a White House press conference.
His comments came on the heels of the Labor Department’s May jobs report, which revealed that employers added a stunning 2.5 million jobs last month — the biggest increase on record. The nation’s unemployment rate dropped to 13.3 percent from 14.7 percent.
“The numbers are great. And this leads us into a long period of growth. We’ll go back to having the greatest economy anywhere in the world, nowhere close,” Trump said. “I think we’re going to have a great few upcoming months.”
With 2.5 MILLION jobs added in May, we're on the way to an incredible period of growth! 🔥 pic.twitter.com/gRrmte6xS3
— The White House 45 Archived (@WhiteHouse45) June 5, 2020
An amazing contrast now emerges between those who oppose this president – anarchists and Democrats who do not speak against them but instead embrace their “leaders” use of arson, violence, and looting – and President Trump who has built a resilient economy for the benefit of all Americans.
Destruction versus Prosperity…
Which message are you going to vote for?
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