Trumps predictions of a rapid recovery for the American economy seem to be coming true. While the New York times has printed gloom and doom articles for the last two months, Trump was talking about a “pent up”desire that Americans had to get out and get to work again. Democrats and the press have ridiculed the president’s statements as overly optimistic as most of them were predicting the highest unemployment since the great depression. Many economists agreed but today’s unemployment figures are telling a different story.
Looking at the numbers: The U.S. had an increase of jobs in May by 2.5 million. The May unemployment rate fell to 13.3%, leaving wall street annalists scratching their heads. The expectations of Wall Street was to have another big wave of layoffs but the news today is a good indication that the economy is coming back after the worst economic crisis since the Great Depression of the 1930s.
The price of stocks surged after the amazingly upbeat May employment numbers. Economists polled by MarketWatch had forecast a loss of 7.25 million jobs. The unemployment rate was expected to rise to 19% from a post-World War Two record of 14.7% in April.
All the states began to reopen their economies to one degree or another during the month of May. The Bureau of Labor Statistics released data showing 2.7 million people who temporarily became jobless during the peek of the pandemic returned to work.
A group of more recent economic indicators also indicate economic growth has begun to revive. That means that (overall) the country is headed in the right direction. The Trump economy is on course for his opening America.