In a surprise press conference this morning, President Trump touted the strength of the American economy heading into the coronavirus pandemic as the reason for the surprise signs of recovery in the labor market last month by theothersarahh
Friday’s numbers are a major departure from what economists were expecting: most agreed that May’s unemployment rate would come in around 20%, with some 9 million jobs lost.
“It’s a big day for our country,” Trump said. “It’s an affirmation of all the work we’ve been doing.” Trump encouraged governors to reopen state economies, and criticized those that have kept lockdown orders in place. “I don’t know why they continue to lock down,” he said. He noted that Friday’s better-than-expected numbers came even with significant portions of the American economy still closed, and floated the idea that the federal government could still spend more to aid the recovery.Key background
Friday’s jobs numbers came as a big surprise to economists and investors, most of whom were expecting dire results. The Labor Department chalked the gains up to a “limited resumption of economic activity that had been curtailed in March and April due to the coronavirus.” The report noted that those jobs hit hardest by the pandemic are beginning to return—in leisure and hospitality, construction, education, health services, and retail—though government jobs have continued to decline.
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