Wow: 1.4 million new jobs, 8.4 percent unemployment makes strong closing argument for Team Trump
U.S. non-farm payrolls surged by nearly 1.4 million and unemployment dropped to 8.4 percent from 10.2 percent in August, shattering economists’ forecasts of 9.8 percent unemployment.
The Federal Reserve previously forecast that unemployment would not get below 9.3 percent before the end of the year.
“The unemployment rate was by far the lowest since the coronavirus shutdown in March, according to Labor Department figures released Friday,” says CNBC. “An alternative measure that includes discouraged workers and those holding part-time jobs for economic reasons also fell, down to 14.2% from 16.5% in July and 22.8% at the peak in April.”
Said Fox’s Charles Payne:
“It’s another great day for American jobs and American workers,” Vice President Mike Pence told CNBC. Pence added that the job growth and the single-digit unemployment rate is “real evidence that the American comeback is underway.”
Unemployment peaked at 14.4 percent in April after hitting an historic low of 3.8 percent in February as employers were forced to furlough millions of workers when the state governments forced widespread economic and social lockdowns to combat the virus.
Scientists had not yet settled on the current consensus that only masks and social distancing were necessary to fight the virus and warned politicians of million of deaths if they didn’t institute lockdowns immediately.
Trump has been able to recover the lost jobs quickly, despite the doubts of economists.
“We are still moving in the right direction and the pace of the jobs recovery seems to have picked up, but it still looks like it will take a while – and likely a vaccine – before we get back close to where we were at the beginning of this year,” said Tony Bedikian, head of global markets at Citizens Bank according to Fox News. “We continue to be optimistic that the economy has turned a corner and that we’ll continue to see steady progress.”
For President Donald Trump, the numbers are welcome news at a time that Americans are bombarded hourly with naysayers who continue to criticize America as essentially racist, greedy and violent.
Yet still, Trump was a bit retrained as he took to Twitter.
“Great Jobs Numbers! 1.37 Million Jobs Added In August. Unemployment Rate Falls To 8.4% (Wow, much better than expected!). Broke the 10% level faster and deeper than thought possible,” the President tweeted.
But the news is great for Trump as he goes into the toughest part of the 2020 election tumble.
Team Trump will continue to make the case that the Democrats’ only solution is to keep Americans on emotional, economic and political lockdown while Trump actually gets things done.
“Biden wants to reverse this trend and shut everything down again,” tweeted Donald J Trump Jr. “Pelosi is on board as long as she can still get her hair done without a mask.”
PHOTO: Official White House Photo by Shealah Craighead
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