The June jobs info is out and it’s much better than expected.
Despite the jobs and businesses lost due to the lockdowns, the economy is rebounding, big time.
CNBC reports:
Record jobs gain of 4.8 million in June smashes expectations; unemployment rate falls to 11.1%
Nonfarm payrolls soared by 4.8 million in June and the unemployment rate fell to 11.1% as the U.S. continued its reopening from the coronavirus pandemic, the Labor Department said Thursday.
Economists surveyed by Dow Jones had been expecting a 2.9 million increase and a jobless rate of 12.4%. The report was released a day earlier than usual due to the July Fourth holiday.
The jobs growth marked a big leap from the 2.7 million in May, which was revised up by 190,000. The June total is easily the largest single-month gain in U.S. history.
“Today’s announcement proves that our economy is roaring back. It’s coming back extremely strong,” President Donald Trump said in a news conference about an hour after the numbers were released. He pointed specifically to a sharp drop in the unemployment for Blacks that fell from 16.8% to 15.4%. “These are historic numbers.”
Here’s a video of Trump’s remarks:
HISTORIC JOBS NUMBERS! #MAGA pic.twitter.com/ncAkWV0D2c
— Donald J. Trump (@realDonaldTrump) July 2, 2020
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Here are some reactions:
CNBC’s Jim Cramer: “there’s an optimism in the country…people are hiring.”https://t.co/uKB88rTvz3 pic.twitter.com/jsNzpgW3k2
— RNC Research (@RNCResearch) July 2, 2020
FBN’s Ed Lawrence: “this is amazing,” “a good report anywhere you look at it.”https://t.co/ZvL8zLcdVl pic.twitter.com/FdvGtKCkzu
— RNC Research (@RNCResearch) July 2, 2020
FBN’s Charles Payne: market shows V-shaped recovery "even though the economists keep saying it’s impossible.”https://t.co/WQZMQZOUuQ pic.twitter.com/0Y1zoJW7iO
— RNC Research (@RNCResearch) July 2, 2020
CNBC’s Rick Santelli: “These are really solid numbers” for June jobs report.https://t.co/90oHifXgcn pic.twitter.com/IlefA2b7q1
— RNC Research (@RNCResearch) July 2, 2020
Imagine how much stronger the economy would be if we fully reopened.
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