TRUMP: U.S. 'economy is roaring back'- what June job numbers really means and why Biden called the president out for his enthusiasm over them
Pres. Trump answered the storm of recent negative press by sharing positive news on the U.S. economy Thursday morning. As millions of American workers return to work he said, "Our economy is roaring back. It's coming back extremely strong. We have some areas where we're putting out the flames or the fires, and that's working out well. We're working very closely with governors, and I think it's working out very well."
The June jobs report was a giant leap forward in hiring. Setting a historic record, there were 4.8 million jobs added, far exceeding the 3 million estimated. In April employment slumped at a rate of 14.7. Then by May job numbers recovered, a sign that the government sponsored stimulus checks had worked to keep the economy from crashing.
By June the unemployment rate was 11.1%, setting a historic record. All the numbers are to celebratory. The Black unemployment rate dropped to 15.4%, but it is still far behind Whites. IT has been said that Blacks are the "last hired and the first fired" and this practice is more true in a sluggish economy. The White unemployment rate went from 14.2% in April to 10.1% in June, which is the largest gap between the two groups in 5 years. Hispanic Americans experience the biggest change coming down from 18.9% in April, to 14.5% in June. Hoards of state and local government workers remain unemployed despite the enthusiasm about the economy.
The June jobs report was a giant leap forward in hiring. Setting a historic record, there were 4.8 million jobs added, far exceeding the 3 million estimated. In April employment slumped at a rate of 14.7. Then by May job numbers recovered, a sign that the government sponsored stimulus checks had worked to keep the economy from crashing.
By June the unemployment rate was 11.1%, setting a historic record. All the numbers are to celebratory. The Black unemployment rate dropped to 15.4%, but it is still far behind Whites. IT has been said that Blacks are the "last hired and the first fired" and this practice is more true in a sluggish economy. The White unemployment rate went from 14.2% in April to 10.1% in June, which is the largest gap between the two groups in 5 years. Hispanic Americans experience the biggest change coming down from 18.9% in April, to 14.5% in June. Hoards of state and local government workers remain unemployed despite the enthusiasm about the economy.
All the same time, the number of Coronavirus cases keep mounting. A rush to re-open to to sustain the economy has contributed to the rise in cases some argue. Several governors working with Pres. Trump to re-open, mainly Republicans, are seeing an increase in Coronavirus cases. There were over 170,000 cases of the deadly disease in Florida in June alone where some counties have decided to close bars and beaches for the 4th of July weekend. Texas and Ohio also say an alarming rise in the disease.
The president is being criticized for how he is managing the conflict between prioritizing life and health over keeping an economy running - both vital necessities for the nation's survival.
The president is being criticized for how he is managing the conflict between prioritizing life and health over keeping an economy running - both vital necessities for the nation's survival.
The closures and ongoing Coronavirus outbreak reflect the dual crises of a suffering economy and growing pandemic. They virus and the economy go hand-in-hand. The reason the government issued stimulus checks to buffer the economy to begin with is because of the national lock down and recognizing the innate affect the transmission of an unharnessed disease would have on the economy.
Treasury Sec. Steve Mnuchin said this week that a second wave of stimulus checks may be coming, which Pres. Trump supports. Mnuchin is more reserved about continuing the to bail out the nation, noting that the $3 trillion that wasinitially given has not all been put back not the economy.
Treasury Sec. Steve Mnuchin said this week that a second wave of stimulus checks may be coming, which Pres. Trump supports. Mnuchin is more reserved about continuing the to bail out the nation, noting that the $3 trillion that wasinitially given has not all been put back not the economy.
Pres. Trump is confident in the measures that he says are being put in place to re-open safely, while his critics say he is wearing "rose colored" glasses in assessing the situation. "The coronavirus crisis is handled," said Trump on Thursday, a day in which 50,000 new cases were added.
However, infectious disease expert Dr. Anthony Fauci attributes the surge of Coronavirus cases to states re-opening without properly containing the virus.
A dramatic uptick in COVID-19 cases could affect current economic data. The reality is that the number of available workers can also begin to be impacted if the spread continues. The numbers are also skewed by people doing gig and contract work.
The gap between black and white unemployment is wider than in the last 5 years as African Americans are not seeing the same rate of job recovery as whites.
Joe Biden, President Trump's Democratic challenger, agreed that the jobs report is good news but believes Trump needs a reality check.
Biden called Trum our for not demonstrating proper leadserhship during the crisis and touting inaccurate numbers. "Quite claiming victory when almost 15 millions Americans are still out of work because of the crisis. Act. Lead. . .," responded Biden. He also said, "Many more Americans would still have their jobs if Donald Trump had done his job."
Millions of Americans are working again, yet millions are also still out of work, which is why many economists believe the optimistic forecast about the June jobs reports is artificial.
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In recent weeks Pres. Trump has been behind Biden in the polls.
Millions of Americans are working again, yet millions are also still out of work, which is why many economists believe the optimistic forecast about the June jobs reports is artificial.
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In recent weeks Pres. Trump has been behind Biden in the polls.