Newly released statistics on Thursday showed that the U.S. economy regained 4.8 million jobs in June and that the unemployment rate fell from 13.3% to 11.1% as the country continues to recover from the coronavirus pandemic.
Only 63% of businesses and only 65% of households responded to the monthly survey, meaning the unemployment rate numbers are likely unreliable.
Also, while 4.8 million jobs were created, 1.4 million people filed for unemployment benefits LAST WEEK.
As some larger populated states are reclosing parts of their economies in the past week, expect the July report to less than stellar. If July comes in strong THEN we are in full recovery mode.
My sons wife was just laid off due to lack of business and my sons car dealership is sucking wind so he isn’t working... all due to Corona Virus in Florida. We have to send him money so they can eat. So much winning! Roaring back
Wingman, you don't have a clue, do you? Here is a thread I started and kept contributing to about Trump's economy. I hardly think I was "raining" on the parade.
The fact is, the economy may or may not be roaring back right now. Let's give it another month or two before we proclaim it's roaring. Some of you sound like Democrats in 2011 claiming Obama had got the economy rolling again when in reality it was sluggishly barely showing signs of life.
Here is the truth of the matter, I do have a clue. For some reason I thought of you when I saw this meme. Except for Babylon Bee, smiles are hard to come by, & I popped it on you. It was undeserved in this case, I apologize. But it was kind of funny, not?
Well, the July report came in and it is not strong. There were "only" 1.8 million jobs created in July. Compare this to the 4.8 million created in June and the 2.7 million created in May.
Manufacturing added just 26,000 jobs, less than one-tenth its June gain. Restaurants, bars, hotels and entertainment venues gained 592,000, just one-quarter of their June increase. Retailers added 258,000 jobs, down from more than 800,000 in June.
We are not "roaring back". We are not in recovery mode just yet.
I think that is a negative spin on it - the jobs created were higher than expected, the unemployment rate dropped even after many state governors
(Inslee, for example) shut businesses down again.
The July jobs report was good news.
But you're right that we're not "roaring back", there are still down almost thirteen million jobs and the unemployment rate is over ten percent.
U.S. Weekly Jobless Claims Jump Back Above 1 million
The number of people filing for unemployment benefits last week was greater than expected, raising concern about the state of the economy as lawmakers struggle to move forward on a new pandemic stimulus package.
The Labor Department said Thursday that initial jobless claims for the week ended Aug. 15 came in at 1.106 million. Economists polled by Dow Jones expected a total of 923,000. Initial claims for the previous week were also revised higher by 8,000 to 971,000. Last week marked the first time in 21 weeks that initial claims came in below 1 million.
Oh, relax, it has nothing to do with all of our cities getting burned, looted, & shuttered, it’s obviously another problem to lay at Trump’s feet. The left is not responsible for anything, least of all the recovery that they don’t want.
I'm not laying anything at Trump's feet. I said nothing about the left.
I'm not the one that started this thread about the economy "roaring" back to life. I'm merely providing actual meaningful follow-up data to prove or disprove the assertion.
If you want to read about how I think Trump is handling the economy there is a multi-page post that I started, here: