Good news for the economy! America is coming back stronger and faster than “experts” predicted, as per usual. Last month’s jobs report shows tremendous growth and optimism in the economy despite what the Fake News is reporting.
The US Department of Labor released the July jobs report on Friday, revealing a massive addition of nearly 1.8 million jobs. The data smashed expectations, which predicted 1.48 million jobs would be added in July. Here’s the breakdown:
- Unemployment numbers saw great improvement as the Labor Department reported it dropped from 11.1% to 10.2% (beating a 10.6% prediction).
- The number of workers on temporary layoffs significantly fell by 1.3 million, bringing the total down to 9.2 million.
- Nonfarm payroll increases soared by 1.763 million.
- Industries that were hit first and hardest by the pandemic saw the most significant gains in labor force, such as hospitality, leisure, and restaurant.
July marks a three-month gain of about 9.3 million Americans added back to the workforce, between being called back to their former jobs or being hired on somewhere else.
According to MarketWatch, David Kelly, Chief Global Strategist of J.P. Morgan Asset Management, said, “The July jobs report was better than expected and represents welcome progress on the road to economic recovery.” Kelly continued, “However, employment growth is slowing which underscores the need for further monetary and fiscal stimulus, particularly as the ongoing pandemic continues to cripple large parts of the U.S. economy.”
President Trump celebrated the optimistic jobs report by tweeting, “Great Jobs Numbers!”
Great Jobs Numbers!
— Donald J. Trump (@realDonaldTrump) August 7, 2020
Critics in the Fake News are doing what they usually do and hyper-focusing on the negative about Labor Department’s report – of which there’s only one. Although the May, June, and July jobs reports combined adds up to more than 9 million, the total employment level still remains below pre-pandemic standards. Total employment currently sits 12.9 million jobs lower than February levels.
Criticizing this simply reflects an entirely unrealistic expectation. Many states are still subjected to strong second-wave lockdown measures, so it is a little ridiculous to compare to the numbers of a fully-open economy.
The fake news hates when America wins.
Normally with a jobs report like this, we could have expected the stock market to rally. Markets were surprisingly slow following a five-day winning streak in anticipation of a positive jobs report. However, analysts speculate that they slightly fell on Friday due to uncertainty amid escalating tensions with China.
Trump signed an executive order late Saturday night pertaining to national security risks associated with Beijing-backed social media app TikTok, to which they quipped back calling it a violation of “rule of law” and “due process.”
Financial experts are saying America needs a stimulus package as soon as possible to add more jobs and spur economic growth. While the House and Senate are at a stalemate in negotiations to get a fourth Stimulus package negotiated and passed, President Trump may issue an executive order to get it done.
More will follow as the economic recovery continues.