President Trump celebrated the impressive June jobs report that could mean the worst of the coronavirus economic impact is behind us.
After being forced to a grinding halt, it appears that the country is primed for a strong recovery following the Thursday release of Junes job numbers which showed – for the second straight month – an increase in employment that beat estimates.
“Our economy is roaring back,” Trump declared Thursday, saying the response to the coronavirus pandemic, coordinated with governors, is “working out very well.”
Thursday’s report showed the economy added 4.8 million jobs in June, reducing the unemployment rate to 11.1 percent. Economists expected the rate would be 12.3 percent with an increase of just 3 million jobs.
“The United States economy added almost 5 million jobs in the month of June, shattering all expectations,” Trump said. “The stock market is doing extremely well … this is the largest monthly jobs gain in the history of our country.”
“These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it,” the Bureau of Labor Statistics said in a statement.
The statement continues, “In June, employment in leisure and hospitality rose sharply. Notable job gains also occurred in retail trade, education and health services, other services, manufacturing, and professional and business services.”
“These are historic numbers,” Trump said before pointing out that the Democrat’s candidate, Joe Biden, could not achieve these and might even reverse them with his plans to raise taxes.
“These are numbers that are not numbers other presidents would have,” Trump said. “The only thing that can kill it is a bad president or a president that wants to raise taxes. You want to raise taxes, this whole thing, your 401Ks will drop down to nothing, and your stock market will drop down to nothing.”
Trump on Thursday also blamed China for the coronavirus pandemic. “They could have stopped it,” he said. “They know it and I know it.”
Trump added that the increases in cases – “hotspots” – in some cities, would be temporary. The president said that without the measures taken by governors and his administration, millions of lives would have been lost to the virus.
He also said that his administration was working with Congress on a “phase four” coronavirus relief bill, which he alluded might include payroll tax cuts.
The unemployment rate is still uncomfortably high at 11.1 percent, but significantly lower than the early projections of around 20 percent.
The nation has now recovered roughly one-third of the 22 million jobs it lost to the pandemic recession in just a few months.
MSNBC’s Steve Ratter, a former employee of the Obama administration, praised the impressive job numbers, “There’s no other way to look at this but as good news and we all of course want good news. Economists have had a particularly difficult time in forecasting numbers, including jobless numbers as we saw last month, they got a bit closer this month, but there were surprises to the upside.”
“Getting the unemployment rate down to 11% is definitely better than any of us expected,” Ratter concluded.
Trump’s son, Eric Trump, hailed the jobs numbers Thursday.
“JUNE JOB NUMBERS EXCEED EXPECTATIONS BY 1.6 MILLION JOBS!!! 4.8 MILLION vs. 3.2 MILLION EXPECTED Unemployment rate falls to 11.1% (from 13.3%)”, he tweeted.
“A lot of people would have wilted,” President Trump said at the closing of his remarks. “We didn’t wilt, and our country didn’t wilt.”