Economy Already Rebounding As Unemployment Rate Drops To 13.3 Percent

The new jobs report just came out and the news is better than anyone expected.

Even with the country only partially reopened, the economy is rebounding and millions of new jobs were added.

NBC News reports:

Unemployment rate falls to 13.3 percent as economy gains surprise 2.5 million jobs despite coronavirus

The U.S. economy gained 2.5 million jobs in May and the unemployment rate dropped to 13.3 percent. That’s down from 14.7 percent in April, according to the monthly employment report released Friday by the Bureau of Labor Statistics.

The surprising data comes amid the phased reopening of businesses across the country after months of economic pain from the coronavirus pandemic, which pushed up unemployment to Great Depression-era levels and obliterated all job gains since the Great Recession.

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President Donald Trump was swift to celebrate the positive labor market news, tweeting three minutes after the release, “Really Big Jobs Report. Great going President Trump (kidding but true)!”

“We’re going to be back higher next year than ever before,” Trump said of the economy, during a briefing from the Rose Garden on Friday morning. “This shows that what we’ve been doing is right.”

In this short video, Stuart Varney notes that “The recovery is obviously a lot stronger and faster than anyone thought.”

Trump tweeted about it.

He talked about too.

Fully reopen the country and it will spring back.

 

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