The American economy is once again defying expectations. Despite months of shutdowns due to the Coronavirus pandemic, eveything is bouncing back at a brisker pace than many people thought it would.
The August jobs report is all good news.
More jobs were created and the unemployment rate dropped again.
Payrolls increase by nearly 1.4 million as the unemployment rate tumbles
Nonfarm payrolls increased by 1.37 million in August and the unemployment rate tumbled to 8.4% as the U.S. economy continued to climb its way out of the pandemic downturn.
The unemployment rate was by far the lowest since the coronavirus shutdown in March, according to Labor Department figures released Friday. An alternative measure that includes discouraged workers and those holding part-time jobs for economic reasons also fell, down to 14.2% from 16.5% in July and 22.8% at the peak in April.
Economists surveyed by Dow Jones had been expecting growth of 1.32 million and the jobless rate to decline to 9.8% from 10.2% in July.
“It’s another great day for American jobs and American workers,” Vice President Mike Pence told CNBC. Pence added that the job growth and the single-digit unemployment rate is “real evidence that the American comeback is underway.”
Kellyanne made an excellent point about this:
Aug 2020 8.4% unemployment (with pandemic)
Aug 2012 8.1% unemployment (Biden VP, no pandemic) https://t.co/OAsbg6VV2B
— Kellyanne Conway (@KellyannePolls) September 4, 2020
Check out this video from a former Obama administration official. He can’t believe it.
Even the Obama crowd is marveling at President Trump’s handling of the economic recovery.
Former Obama economic advisor: Unemployment “lower even than I thought it would be at the end of the year.” pic.twitter.com/kVRJLIaSJ1
— Arthur Schwartz (@ArthurSchwartz) September 4, 2020
It’s good news all around.
"The economic recovery is here." 🇺🇸pic.twitter.com/7Mj7mj0PxP
— Elizabeth Harrington (@LizRNC) September 4, 2020
The only people who won’t be happy about this are the Democrats and their allies in media.