Thanks To President Trump, The American Economy Is Already Resurging

The Latest Jobs Report Shows President Trump Is Already Leading The Economy Back To The Historic Heights It Reached During His First Three Years In Office

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The Facts:

DURING HIS FIRST THREE YEARS IN OFFICE, PRESIDENT TRUMP EMPOWERED A HISTORIC ECONOMY

• Under President Trump, the average unemployment rate in 2019 was 3.7%, the lowest in 50 years .
• Job growth in 2019 was " more than enough to handily outpace population growth ."
• The Hill : 2019 was a "solid" year for the U.S. labor market.
• As 2019 drew to a close, The New York Times' Ben Casselman reported nearly ¾ of newly employed workers were coming off the sidelines .
• 72% (1.5 million) of the 2.1 million jobs added in 2019 went to women .
• In a historic achievement, the African American unemployment rate remained below 7% for all of 2019 ; prior to the Trump Administration, it had never fallen below that mark in recorded history.
• Under President Trump, job creation in rural America was greater than under the Obama/Biden administration.
• Non-Metro areas' share of national employment growth in 2017 was 16.6 percent, 4.2 percent higher than their share of national employment in January 2017.
• Rural unemployment stood at 4.2 percent in 2018, the lowest level it's seen in decades.
• During President Trump's first year, non-metro areas accounted for nearly four times their previous share of job creation .
• The Hispanic unemployment rate hit several record lows in 2019, falling below 4% for the first time ever .
• In just over a year under President Trump, America gained 245,000 manufacturing jobs , while in eight years under President Obama the sector lost 192,000 jobs .
• CNN: Improvement in manufacturing helped spur job creation in rural America .

PRESIDENT TRUMP IMPLEMENTED NUMEROUS POLICIES TO SAVE JOBS AND PROTECT THE ECONOMY DURING THE CORONAVIRUS PANDEMIC

• Thanks to President Trump, small businesses and sole proprietorships were able to start applying for loans through the Paycheck Protection Program on April 3^rd and self-employed people and independent contractors were able to start applying on April 10.
• The $350 billion program provided loans to businesses with 500 or fewer employees ; the loans will be 100% forgiven if the business retains its employees.
• Businesses are eligible for loans for up to $10 million and each loan will cover up to two months of their average monthly payroll costs from the last year plus an additional 25% of that amount.
• As part of an additional relief bill, President Trump authorized an additional $310 billion for the Paycheck Protection Program.
• For businesses in the hardest-hit areas of the country, the PPP has been an " invaluable lifeline. "
• After being approved for the PPP loan, a small business owner in Minneapolis was able to extend his employee's health insurance coverage till June 1^st, cover rent and utilities, and pay his furloughed staff.
• An espresso kiosk company in Montana said she was able to continue to pay her 50 employees and give free cups of coffee to frontline workers while also paying utilities.
• A restaurant owner in Chappaqua, says the Paycheck Protection Program will help pay rent, "a safety net for us".
• Bitty & Beau's coffee owner: Paycheck Protection Program has allowed us to save all employees' jobs .
• Don Cunningham, President and CEO of Lehigh Valley Economic Development Corp in Colorado: " I think it's a great effort and it was done quickly, and the channels of payments are in the right area ."
• Karen Hoskins, owner of Montanya Distillers in Colorado, applauded how the CARES Act protects business owners to do the right thing.
• Hoskins praised the fairness of the bill towards small businesses : "this really benefits companies that have been on the straight and narrow, which is my company."
• Jason Mulvene, President of Blue Ocean Traders in Kentucky: "this will be a great lifeline to retain employees and cover expenses in the short term."
• Gat Caperton, CEO of Gat Creek Furniture in West Virginia: "it is gigantic, and it should prove very helpful to small businesses like us and our retailers."
• Chris Hillen, owner of Seal Tex In Texas: "for many business owners, this is a chance to boost cash flow immediately, keep workers on staff and build a bigger financial cushion ."
• In an effort to reopen the U.S. economy, President Trump released guidance to help states through the process.
• The Trump Administration released a plan to assist states on how and when to lift restrictions.
• The guidelines laid out helped states mitigate the risk of a "resurgence in cases" and also protected vulnerable populations while areas started to reopen.
• The White House urged that states have to be trending downward before the state or region takes on reopening.
• As of May 20, 2020 , every state has lifted stay-at-home restrictions , allowing citizens to go back to "restaurants and offices and places of worship."

THE LATEST JOBS REPORT SHOWS THAT AMERICA IS ON THE RIGHT TRACK TO CREATE ANOTHER BOOMING ECONOMY THANKS TO PRESIDENT TRUMP'S RESPONSE

• Eric Winograd, Senior Economist at AllianceBernstein: "it appears that businesses began rehiring workers earlier and in greater numbers than expected , a trend that is likely to continue as lockdowns ease around the country."
• Daniel Zhao, Senior Economist at Glassdoor: " the recovery was earlier than we expected ."
• Economists said the gains in May indicated that the Administration's response "had at least partly succeeded in limiting permanent economic damage by providing trillions of dollars in assistance to households and businesses."
• More than half of the month's job gains, 1.4 million, were in restaurants and bars , many of which received assistance under the federal Paycheck Protection Program .
• Economists are "relatively unified" in crediting the Paycheck Protection Program and reopening across an increasing number of states for the job gains in the latest job's report.
• After weeks of data depicting enormous economic destruction , employers added 2.5 million jobs in May defying economists' expectations and "holding the prospect that the rebound from the economic crisis could be faster than forecast."
• Oxford Economics expects a " strong bounce-back " in the second half of the year as businesses continue to reopen.
• May's impressive job numbers indicated that " the U.S. May well be on the road to recovery ."
• A " strikingly upbeat " May jobs report bolstered the notion that the worst of the economic fallout from the pandemic was over .
• Federal Reserve Chairman Jerome Powell praised actions from the Trump Administration and the Fed that have worked well, saying the response " has been large, forceful and very quick...In a class by itself ."

 

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DURING HIS FIRST THREE YEARS IN OFFICE, PRESIDENT TRUMP EMPOWERED A HISTORIC ECONOMY

Throughout 2019, Americans Reaped The Rewards Of President Trump's Economy As Unemployment Reached Generational Lows And Workers Came Off The Sidelines

The Average Unemployment Rate In 2019 Was 3.7%, The Lowest In 50 Years. ( Bureau Of Labor Statistics , Accessed 1/10/20)

The U.S. Added 2.1 Million Jobs In 2019. ( Bureau Of Labor Statistics , Accessed 1/10/20)

• Job Growth In 2019 Was "More Than Enough To Handily Outpace Population Growth ." "The average monthly gains for the last three months of the year were 184,000, on par with the rest of the year. For the full year, the economy added 2.1 million jobs, fewer than the 2.7 million created in 2018, but more than enough to handily outpace population growth." ( The New York Times , 1/10/20)

Rubeela Farooqi, Chief U.S. Economist At High Frequency Economics: "I Didn't See Much Wrong With The Labor Market In 2019." "'I didn't see much wrong with the labor market in 2019,' said Rubeela Farooqi, chief United States economist at High Frequency Economics." ( The New York Times , 1/10/20)

The Hill : 2019 Was A "Solid" Year For The U.S. Labor Market. "December's solid jobs gain capped off a treacherous but ultimately solid year for the U.S. labor market, which faced pressure from trade tensions, global economic risks and the aftermath of a burst of stimulus in 2018." ( The Hill , 1/10/20)

As 2019 Drew To A Close , The New York Times' Ben Casselman Reported Nearly ¾ Of Newly Employed Workers Are Coming Off The Sidelines. "Where are employers finding workers, with unemployment so low? From outside the labor force. Close to 3/4 of the newly employed are coming off the sidelines." ( Twitter Feed , 1/10/20)

In 2019, Minorities Enjoyed Their Lowest Unemployment Rates Ever And, Thanks To Unprecedented Job Growth Under President Trump, Women Outnumbered Men In The Workforce For The First Time Ever

72% (1.5 Million) Of The 2.1 Million Jobs Added In 2019 Went To Women. ( Bureau Of Labor Statistics , Bureau Of Labor Statistics , Accessed 1/10/20)

• Thanks To This Historic Job Growth For Women Under President Trump, Women Outnumbered Men In The Workforce For The First Time Ever. Highlight from a rather ho-hum Dec. jobs report: women account for 50.04% of all jobs, first time they've outnumbered men." ( Twitter Feed , 01/10/20)

In A Historic Achievement, The African American Unemployment Rate Remained Below 7% For All Of 2019; Prior To The Trump Administration, It Had Never Fallen Below That Mark. ( Bureau Of Labor Statistics , Accessed 1/10/20)

The Hispanic Unemployment Rate Hit Several Record Lows In 2019, Falling Below 4% For The First Time Ever. ( Bureau Of Labor Statistics , Accessed 1/10/20)

Under President Trump, Job Creation In Rural America Picked Up More Than The Obama/Biden Administration

CNN: President Trump's Policies "Consistently [Favor] The Interests Of Non-Metropolitan Places." "With its focus on domestic energy production, loosening environmental regulation and protecting manufacturing with tariffs against foreign competitors, Trump's policy agenda consistently favors the interests of non-metropolitan places, which host a larger share of employment in mining and manufacturing than in any other industries except logging and agriculture." ( CNN , 3/20/18)

During President Trump's First Year Non-Metro Areas Accounted For Nearly Four Times Their Previous Share Of Job Creation, The Largest Metro Areas Declined From Accounting For Four In Every Five New Jobs To Just Under Two In Every Three Jobs In 2017. "During Trump's first year, the new Brookings data show, the smaller places at the core of the contemporary Republican coalition showed a marked economic upturn. In 2017, non-metro areas accounted for almost 17% of new job creation -- nearly four times their share from 2014-2016. The smallest metros improved more modestly, from about 3% of new jobs in the earlier period to 4.5% in 2017. The mid-sized metros saw a small increase in their share over that period (from 13.7% to 14.7%), while the dominance of the largest metros somewhat eroded: They fell from creating about 4-in-5 jobs in the earlier period to just under 2-in-3 in 2017." ( CNN , 3/20/18)

The "Center-Left Brookings Institution" Found That, In 2017, Though Job Growth Remained Concentrated In Metropolitan Areas Smaller Communities "Clawed Back A Significantly Larger Share Of New Job Creation Than In The Final Years Of Barack Obama's Presidency." "The new numbers, scheduled to be released Tuesday by the Metropolitan Policy Program at the center-left Brookings Institution, show that job growth in 2017 remained heavily concentrated in the largest cities benefiting the most from the transition to the information-age digital economy. But smaller communities, lifted by higher prices for oil, gas and other commodities and some gains in manufacturing, last year clawed back a significantly larger share of new job creation than in the final years of Barack Obama's presidency, the analysis found." ( CNN , 3/20/18)

From 2014-2016 The Largest Metro Areas Accounted For Four In Five Jobs Created, While Smaller Metro And Rural Areas Accounted For Just One In Fourteen Jobs During That Period. "The shift reflected the dominance of the very largest places in new job creation from 2014-2016. According to the Brookings figures, the 53 largest metros of one million or more accounted for nearly 4-in-5 jobs created over that period, with the mid-sized metros accounting for about 1-in-7, and the smaller metros and rural areas combining for only about 1-in-14." (," CNN , 3/20/18)

Non-Metro Areas Share Of National Employment Growth In 2017 Was 16.6 Percent, 4.2 Percent Higher Than Their Share Of National Employment In January 2017. ( Brookings , 3/20/18)

Rural Unemployment Stood At 4.2 Percent In 2018, The Lowest Level It's Seen In Decades. " Both Urban and Rural Unemployment Rates Are at Their Lowest Levels in Decades: Unemployment rates are measured using the Bureau of Labor Statistics Current Population Survey (CPS). Rural unemployment stood at 4.2 percent in 2018, slightly above the rate of 3.9 percent for urban counties. Both of these figures are below their 2007 values, and, in fact, the national unemployment rate is the lowest since 1969." ( USDA , 9/23/19)

Manufacturing, An Industry Vital To Rural Communities, Rebounded And Thrived Under President Trump

On The Campaign Trail, Donald Trump Made A Pledge To "Restore Manufacturing In The United States." "President Donald Trump promised to revive manufacturing on the campaign trail. One year in, the industry is on the same trajectory as when he took office. 'My plan includes a pledge to restore manufacturing in the United States,' Trump said in a campaign rally in Detroit, Mich., on Oct. 31, 2016." ( Politifact , 3/28/18)

In Just Over A Year Under President Trump, America Gained 245,000 Manufacturing Jobs, While In Eight Years Under President Obama The Sector Lost 192,000 Jobs . ( Bureau Of Labor Statistics , Accessed 3/9/18)

CNN: Improvement In Manufacturing Has Helped Spur Job Creation In Rural America. "Brookings' calculations show that rising energy prices and production account for about half of this small-town and rural improvement. The rest, Muro says, was driven by rising demand and/or prices for other commodities (from coal for export to China to lumber for construction) and some improvement in manufacturing." ( CNN , 3/20/18)

PRESIDENT TRUMP IMPLEMENTED NUMEROUS POLICIES TO SAVE JOBS AND PROTECT THE ECONOMY DURING THE CORONAVIRUS PANDEMIC

As Part Of The CARES Act, The Trump Administration Implemented The Paycheck Protection Program And Distributed More Than $500 Billion In Forgivable Loans To Small Businesses

Small Businesses And Sole Proprietorships Were Able To Start Applying For Small Business Loans Through The Paycheck Protection Program On April 3 ^rd And Self-Employed People And Independent Contractors Were Able To Start Applying On April 10. "Treasury's fact sheet for borrowers states that small businesses and sole proprietorships will be able to start applying for loans on Friday through existing SBA lenders, and self-employed people and independent contractors will be able to start applying for loans through existing SBA lenders on April 10. Other lenders will be able to start to make loans through the program once they are approved." ( The Hill , 3/31/20)

• The $350 Billion Program Will Provide Loans To Businesses With 500 Or Fewer Employees; The Loans Will Be 100% Forgiven If The Business Retains Its Employees. "The coronavirus relief package created a nearly $350 billion program under which businesses with 500 or fewer employees can receive loans of up to $10 million. The loans will be forgiven if businesses use the funds to cover payroll costs and other operating expenses in the eight weeks following loan origination." ( The Hill , 3/31/20)
• Businesses Are Eligible For Loans For Up To $10 Million And Each Loan Will Cover Up To Two Months Of Their Average Monthly Payroll Costs From The Last Year Plus An Additional 25% Of That Amount. "How large can my loan be? Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. That amount is subject to a $10 million cap. If you are a seasonal or new business, you will use different applicable time periods for your calculation. Payroll costs will be capped at $100,000 annualized for each employee." ( Treasury Department , Accessed 4/2/20)
• As Part Of An Additional Relief Bill, President Trump Authorized An Additional $310 Billion For The Paycheck Protection Program. "President Donald Trump signed the bill Friday that authorizes an additional $310 billion in funds for the program, which offers forgivable, 1% interest loans for companies with a maximum of 500 employees. That's on top of the $350 billion that was loaned out in the first round of the program in a mere two weeks. The loans are forgivable in full if the companies use 75% of the federally backed money on paying and retaining their employees." ( CBS News , 4/27/20)

Small Business Owners Across The Country Have Praised The Loan Program As An "Invaluable Lifeline"

For Businesses In The Hardest-Hit Areas Of The Country, The PPP Has Been An "Invaluable Lifeline ." "For businesses in the hardest-hit areas of the country, the PPP has been an invaluable lifeline. 'The Paycheck Protection Program was created by the CARES Act to provide forgivable loans to small businesses affected by the COVID-19 pandemic to help pay the bills and keep employees on the payroll.'" ( Forbes , 6/5/20)

After Being Approved For The PPP Loan, A Small Business Owner In Minneapolis Was Able To Extend His Employee's Health Insurance Coverage Till June 1^st, Cover Rent And Utilities, And Pay His Furloughed Staff. "Despite those concerns, Kaysen is grateful to at least have secured the loan. The money means his employees now have health insurance coverage through June 1. Rent and utilities have been paid. Furloughed staff, some of whom Kaysen said make more money from unemployment, are getting paychecks. 'I think from a business decision, it's sort of a no-brainer to apply for it,' he said." ( CBS Minnesota , 4/14/20)

An Espresso Kiosk Company In Montana Said She Was Able To Continue To Pay Her 50 Employees And Give Free Cups Of Coffee To Frontline Workers While Also Paying Utilities. "For espresso kiosk company @mountainmudd1 in Montana, @SBAgov's #PaymentProtectionProgram loan they received from their #locallender means their 50 employees will continue receiving paychecks. But the benefit doesn't end there... (1/2) #Smallbiz owner Tanya says: 'Without this loan, I don't know if we could have given away countless cups of coffee to frontline workers - healthcare & first responders, law enforcement - b/c I would have been worried about how we were going to pay our employees & utilities.'(2/2)" ( Twitter Feed , 4/7/20)

A Restaurant Owner In Chappaqua, Says The Paycheck Protection Program Will Help Pay Rent, 'A Safety Net for Us'. REPORTER: "Small businesses are applying to the federal paycheck protection program in an effort to stay afloat amid the coronavirus congress passed the billion forgivable loan program in late March. It provides funding for businesses with fewer than 500 employees. Employers to get up to 2 and a half times their average monthly payroll costs for 2019. This includes employee salaries benefits rent utilities in mortgage interest. The lone turns into a grant and does not have to be paid back if the business uses at least 75% of the money on payroll. The owners at Le Jardin Du Roi in Chappaqua recently applied to the program." RESTAURANT OWNER: "Having the money in the banks it's almost like a safety net for us right now, obviously a bit be able to pay my rent without my landlord calling me." (News 12 Westchester, 4/8/20)

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Bitty & Beau's Coffee Owner: Paycheck Protection Program Has Allowed Us To Save All Employees' Jobs. SANDRA SMITH: "So tells us about your experience of applying for this small business loan we've been hearing so much about this relief in the middle of this crisis for our small businesses what happened when you applied for it." AMY WRIGHT: "Sure, so we operate five brick and mortar coffee shops that are all run by people with intellectual and developmental disabilities and Live Oak Bank which is also headquarter here in Wilmington, North Carolina has been a huge supporter of our mission since we opened our doors. When they had heard we had laid off all of our 120 employees with disabilities they stepped in they said we want to help you through this process, and when the PPP loans come available we are here to help you. They were very accessible and seamless for us and just made bringing our employees back to work so that they can earn their paycheck again possible." SMITH: "How did your employees react to that Amy?" WRIGHT: "So we're hearing that news later today through a Zoom call and we got our final funding yesterday and I'm very excited to share this with them because 80% of people with intellectual and developmental disabilities are unemployed and that is a national statistic. Most of our employees have never had a job before, so when we had to temporarily lay them off it was a very scary time, so I'm just very excited to share with them that they're going to continue to earn a paycheck and contributing to our business." SMITH: "That's great news and I think we all need some hopeful for some good news right now Amy. So did you have to shut the doors to all of your coffee shops and shut down operations entirely?" WRIGHT: "We did, we made that decision about three weeks ago before the federal mandate. We decided for the health and safety of our employees as well as our customers that the right thing to do was to temporarily close our shops. It was a very tough day for us, but fortunately we have an online businesses well that continues to support us through the sale of coffee beans and merchandise and our employees I'm excited to bring back to the payroll so they can help with handwritten notes that are included with each order we ship." SMITH: "Wow, we will see about whether or not there can be more funding for these small businesses so many have responded we hear from the big banks as well as the smaller ones that they are getting an unbelievable amount of requests because so many of the small businesses have been hurt through this. Amy this is a great a story, while we are talking we share pictures of your employees there in your shops. I'm sure they are going to be thrilled with this announcement when you make it this afternoon. Congratulations to you and we will follow up with you to see how you guys are doing." (Fox News' "Americas Newsroom," 4/8/20)

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Don Cunningham, President And CEO Of Lehigh Valley Economic Development Corp In Colorado: "I Think It's A Great Effort And It Was Done Quickly, And The Channels Of Payments Are In The Right Area." "Some praised the bill's focus on small businesses. 'I think it's a great effort and it was done quickly, and the channels of payments are in the right area,' said Don Cunningham, president and CEO of Lehigh Valley Economic Development Corp. Cunningham said the focus should be on small businesses first and noted the bill would include $350 billion administered through the SBA." ( Lehigh Valley Business , 3/31/20)

Karen Hoskins, Owner Of Montanya Distillers In Colorado, Applauded How The CARES Act Protects Business Owners To Do The Right Thing. "Hoskin, with Montanya Distillers, closely followed the CARES Act 'get formed, unraveled and rebuilt.' She met with other Gunnison Valley business leaders connected through Western Colorado University's ICELab, to discuss options and benefits on weekly Zoom calls. She applauds how the CARES Act seems to protect business owners who do the right thing." ( Colorado Sun , 4/1/20)

• Hoskins Praised The Fairness Of The Bill Towards Small Businesses: "This Really Benefits Companies That Have Been On The Straight And Narrow, Which Is My Company." "'What I was really impressed with was if you've been dodging anything in the past - payroll taxes, paying under the table - that's really going to bite you back. This really benefits companies that have been on the straight and narrow, which is my company,' Hoskin said. 'If we had 100 employees in January or February and we only have 80 when we applied for the loan, we would only get 80% of the loan forgiven.'" ( Colorado Sun , 4/1/20)

Jason Mulvene, President Of Blue Ocean Traders In Kentucky: "This Will Be A Great Lifeline To Retain Employees And Cover Expenses In The Short Term." "With regard to the stimulus bill's policies and programs, Jason Mulvene, president of Blue Ocean Traders, commented, 'The biggest impact out of the gate for small to mid-size businesses is the PPP loan program. With its significant forgivable portion, this will be a great lifeline to retain employees and cover expenses in the short term.'" ( Home Accents , 4/1/20)

Gat Caperton, CEO Of Gat Creek Furniture In West Virginia: "It Is Gigantic, And It Should Prove Very Helpful To Small Businesses Like Us And Our Retailers." "Furniture Today's discussion with additional industry leaders echoed these positive sentiments. For example, Gat Caperton, CEO of Gat Creek Furniture, commented on the stimulus bill, saying, 'It is gigantic, and it should prove very helpful to small businesses like us and our retailers.' Click here to see the full Furniture Today article." ( Home Accents , 4/1/20)

Chris Hillen, Owner Of Seal Tex In Texas: "For Many Business Owners, This Is A Chance To Boost Cash Flow Immediately, Keep Workers On Staff And Build A Bigger Financial Cushion." "For many business owners, this is a chance to boost cash flow immediately, keep workers on staff and build a bigger financial cushion. Such moves could make the difference in surviving today's crisis and coming out stronger on the other side. 'I'm all over it,' said Chris Hillen, who's never applied for a government business loan but sees no downside to this one. 'I'm planning to hold on to my employees anyway, so this could be great.' His Dallas company, Seal Tex, repairs commercial kitchens and has some big clients, including Texas Roadhouse, Olive Garden and Wendy's. Last week, he sent his 40 employees home, both for their safety and to help slow the spread of the virus in North Texas. He's paying them as if they were working 30 hours a week, he said, because it's the right thing to do and he can afford it. With a government loan, he could bump up their hours or keep carrying on as is, depending on the pace of the recovery. 'This will allow us to fight on for longer,' Hillen said." ( Dallas News , 4/1/20)

The White House Has Worked Closely With States In Order To Safely Reopen The Country

In An Effort To Reopen The U.S. Economy, President Trump Released Guidance To Help States Through The Process. "President Trump on Thursday evening unveiled guidance for a phased reopening of parts of the U.S. economy that leaves the final decisions up to governors." ( The Hill , 4/16/20)

• The Trump Administration Released A Plan To Assist States On How And When To Lift Restrictions. "The 18-page plan for 'Opening Up America Again' identifies the circumstances necessary for areas of the country to allow employees to start returning to work - but the decision to lift restrictions will ultimately be made by state governors."( CNBC , 4/16/20)

The Guidelines Laid Out Will Help States Mitigate The Risk Of A "Resurgence In Cases" And Also Protect Vulnerable Populations While Areas Are Reopening. "The goal of the guidelines, according to the White House, is to mitigate the risk of a resurgence in cases and protect vulnerable populations, including the elderly and those with underlying health conditions." ( The Hill , 4/16/20)

• The White House Has Urged That States Have To Be Trending Downward Before The State Or Region Takes On Reopening. "Before entering the first phase, the guidelines say that the number of cases, positive tests and reports of flu- or Covid 19-like symptoms in a state or region should be trending downward. There should also be a 'robust testing program in place for at-risk healthcare workers, including emerging antibody testing,' according to the guidelines." ( CNBC , 4/16/20)

As Of May 20, 2020, Every State Has Lifted Stay-At-Home Restrictions, Allowing Citizens To Go Back To "Restaurants And offices And Places Of Worship." "As of May 20, each state that had imposed a stay-at-home order or shelter in place had begun lifting the restrictions of businesses and public spaces. People were allowed, in some places, to go back to restaurants and offices and places of worship. Some people have ventured out; some people continue to stay home as much as possible." ( CNN , 5/27/20)

THE LATEST JOBS REPORT SHOWS THAT AMERICA'S ECONOMY IS RESURGING THANKS TO PRESIDENT TRUMP

In The May Jobs Report, The United States Added 2.5 Million Jobs Defying Economists' Expectations And Indicating The Economic Recovery Could Be Faster Than Forecast

After Weeks Of Data Depicting Enormous Economic Destruction, Employers Added 2.5 Million Jobs In May Defying Economists' Expectations And "Holding The Prospect That The Rebound From The Economic Crisis Could Be Faster Than Forecast." "Nonetheless, after weeks of data depicting enormous economic destruction, Friday's report from the Labor Department offered a glimmer of hope. Employers added 2.5 million jobs in May, defying economists' expectations of further losses and holding the prospect that the rebound from the economic crisis could be faster than forecast." ( The New York Times , 6/5/20)

Oxford Economics Expects A "Strong Bounce-Back" In The Second Half Of The Year As Businesses Continue To Reopen . "Oxford Economics expects a strong bounce-back the second half of the year as businesses continue to reopen but it reckons the economy will recoup only about 60% of the jobs lost by year's end, leaving unemployment close to 10%." ( USA Today . 6/5/20)

May's Impressive Job Numbers Indicated That "The U.S. May Well Be On The Road To Recovery." "As it turned out, May's numbers showed the U.S. may well be on the road to recovery after its fastest plunge in history. 'it seems the damage from the nationwide lockdown was not as severe or as lasting as we feared a month ago,' said Scott Clemons, chief investment strategist at Brown Brothers Harriman." ( CNBC , 6/5/20)

A "Strikingly Upbeat" May Jobs Report Bolstered The Notion That The Worst Of The Economic Fallout From The Pandemic Was Over. "The rally in U.S. stocks accelerated last week after strikingly upbeat May jobs data bolstered the notion that the worst of the economic fallout from the pandemic was over." ( Reuters , 6/8/20)

Federal Reserve Chairman Jerome Powell Praised Actions From The Trump Administration And The Fed That Have Worked Well, Saying The Response "Has Been Large, Forceful And Very Quick ... In A Class By Itself." "Powell said that while much remains uncertain, particularly the progress of the pandemic, the fiscal and monetary response has been working well so far, maintaining income support for the unemployed and limiting business failures so far. More may be needed, he said. 'This is the biggest economic shock in living memory,' Powell said. The response 'has been large, forceful and very quick ... In a class by itself.'" ( Reuters , 6/10/20)

Experts And Pundits Across The Country Underscored That The Latest Job's Report Shows That Due To The President's Response The Country Is Ahead Of Schedule On The Recovery

Eric Winograd, Senior Economist At AllianceBernstein; "It Appears That Businesses Began Rehiring Workers Earlier And In Greater Numbers Than Expected, A Trend That Is Likely To Continue As Lockdowns Ease Around The Country." "'It appears that businesses began rehiring workers earlier and in greater numbers than expected, a trend that is likely to continue as lockdowns ease around the country,' said Eric Winograd, senior economist at AllianceBernstein. 'To be clear: things are very far from normal in the labor market. But the pace of improvement, if sustained, suggests more reason for hope in the second half of the year than we have seen from any previous data release.'" ( CNBC , 6/5/20)

Daniel Zhao, Senior Economist At Glassdoor: "The Recovery Was Earlier Than We Expected." "'The surprise to me in this report is that the recovery was earlier than we expected, but the next question is whether it will be faster than we expected,' said Daniel Zhao, senior economist at the career site Glassdoor." ( The New York Times , 6/5/20)

Economists Said The Gains In May Indicated That The Administration's Response "Had At Least Partly Succeeded In Limiting Permanent Economic Damage By Providing Trillions Of Dollars In Assistance To Households And Businesses." "Economists said the gains in May indicated that Congress and the Federal Reserve had at least partly succeeded in limiting permanent economic damage by providing trillions of dollars in assistance to households and businesses. But that aid is now in jeopardy, and economists warned that there was no guarantee the job market would continue to improve without it. 'The economy is still being very much buffered by stimulus,' said Michelle Meyer, head of U.S. economics at Bank of America. "When that starts to wane, we will learn a lot more about the underlying health of the recovery.'" ( The New York Times , 6/5/20)

More Than Half Of The Month's Job Gains, 1.4 Million, Were In Restaurants And Bars, Many Of Which Received Assistance Under The Federal Paycheck Protection Program. " More than half of the month's job gains - 1.4 million - were in restaurants and bars, many of which received assistance under the federal Paycheck Protection Program. Friday's report suggests that the program, along with other elements of the government's response, helped offset at least some of the economic damage caused by the shutdown, which should allow for a faster recovery." ( The New York Times , 6/5/20)

Economists Are "Relatively Unified" In Crediting The Paycheck Protection Program And Reopening Across An Increasing Number Of States For The Job Gains In The Latest Job's Report. "The PPP has doled out more than $510 billion in government-backed loans to support small businesses and keep workers on payrolls. And economists appeared relatively unified in crediting the program for some of the positive aspects of Friday's report. 'The largest gains were in sectors that appear to be beneficiaries of both reopening across an increasing number of states, but also potentially some positive effect from PPP loans bringing small business workers back into employment,' Morgan Stanley economists wrote in a research note Friday." ( Politico , 6/5/20)

 

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