A surprisingly positive report has come out in the midst of the negative news. In May, reports are showing the largest month-to-month job increase in history that has indicated the United States economy appears to be recovering from the COVID-19 outbreak these last few months.
Despite being projected to decline by 8.3 million by some “expert economists”, non-farm payrolls actually increased by 2.5 million in May. This has been a record turnaround after 2 catastrophic months of unemployment rates rising and economic shutdowns.
The unemployment rate dropped from 14.7% in April to 13.3% in May, much better than the projected 19.5% unemployment projected by Dow Jones economists.
The U.S is well on the road to recovery after the fastest economic plunge in history. “It seems the damage from the nationwide lockdown was not as severe or as lasting as we feared a month ago.” Scott Clemons, chief investment strategist said.
President Donald Trump has reacted positively to this jobs report from the Bureau of Labor Statistics. “It’s a stupendous number. It’s joyous, let’s call it like it is. The market was right. It’s stunning!” Trump tweeted. His re-election prospects may be a bit dependent on the health of the economy and things are on the right track for the economy to be booming by November.
Even the hardest-hit countries are taking steps towards reopening. The COVID-19 outlook in the U.S seems to have diminished by the mass protests that have occurred across the country over the past week. We don’t know what impact these gatherings have had over the spread of the virus but we’re all surprised to see so many people crowded together when just last week if you wanted to take a stroll around the park you were a “grandma killer.”
Everyone’s a critic. Even with good news, people want to bash President Trump. He recently quieted a reporter who was attempting to interrupt a signing ceremony in order to ask him a question about minority unemployment.
This interaction at the White House happened after applauding the unemployment report where numbers decreased significantly. The President was moving from a podium to a desk to sign a bill about the Paycheck Protection Program when PBS NewsHour Correspondent Yamiche Alcindor yelled a question at him. “Mr. President, why don’t you have a plan to address systematic racism?”
President Trump responded by putting his fingers to his lips and replied “I’d like to sign this bill.”
Then he adds: “And by the way, what’s happened to our country – and what you now see, that’s been happening, is the greatest thing that could happen for race relations, for the African-American community, for the Asian-American, for the Hispanic-American community, for women, for everything.”
“What is your plan? Alcindor interjected.
The President continued to tell her they will have an economy that’s even stronger. Alcindor responded that the Black and Asian American unemployment rates went up, to which many criticized her for pressing the President when the overall rate had improved considerably when most analysts had predicted much greater unemployment rates.
Nothing is ever good enough for the Liberals when it comes to Trump fixing the economy.