The May jobs report was expected to show job losses of 7 to 8 million. This was the analysis of the financial experts and Nobel laureate economists. Imagine their surprise when the Bureau of Labor and Statistics (BLS) announced that 2.5 million jobs have been ADDED to the economy. Never in the history of the country have we seen a turnaround like this from one month to the next.
In effect, there are 10 million more jobs at the end of May than the experts predicted. Never have the experts been off by anywhere near this much. Not only were they not in the same ballpark, they weren’t even on the same planet. Perhaps these experts were meth experts not math experts.
The experts had predicted an unemployment rate of up to 27%. Instead it is 13.3%. The 2.5 million gain came despite a loss of half a million jobs in the government sector. This means that private payrolls increased by 3 million.
More details:
- In May, employment in leisure and hospitality increased by 1.2 million, following losses of 7.5 million in April and 743,000 in March.
- Construction employment increased by 464,000 in May, gaining back almost half of April’s decline (-995,000).
- Employment increased by 424,000 in education and health services in May, after a decrease of 2.6 million in April.
- In May, employment in retail trade rose by 368,000, after a loss of 2.3 million in April.
- Employment increased in the other services industry in May (+272,000), following a decline of 1.3 million in April.
- In May, manufacturing employment rose by 225,000, with gains about evenly split between the durable and nondurable goods components.
- Professional and business services added 127,000 jobs in May, after shedding 2.2 million jobs in April.
- Financial activities added 33,000 jobs over the month, following a loss of 264,000 jobs in April.
- Wholesale trade employment was up by 21,000 in May, largely reflecting job gains in its nondurable goods component (+13,000). (link)
The Chinese Communist Party literally crashed the world economy. Friday revealed stunning evidence of the resiliency of America. The spirit of America cannot be quenched. This is the greatest economic comeback in the history of the country.
It has to be chalked up to the small business Payroll Protection Program (PPP) that was designed by the Trump administration. This is the same program that the Chinese Communists Democrats wanted to gut so that they could “remake the country to their vision.” This is the program that the Democrats blocked for a week looking for “goodies” for their friends. The program offered loans that became grants if laid-off workers are rehired.
The PPP appears to be a well-designed incentive program to keep people attached to the jobs they had before the government locked things down. Of course, it was designed by people who understand business not ivory-tower academicians or socialists bent on destroying the economic engine of America.
Obama’s $1 billion TARP program disappeared into the pockets of Wall Street and the unions, not the laid-off workers. As a result, that recovery was the most tepid since FDR created the Great Depression. PDJT and his administration put the workers first.
While all this was going on, the Joe Biden team was donating to bail out violent rioters and looters.
https://twitter.com/TheLastRefuge2/status/1268997479254687747
One man is a builder. The other is someone who tears things down.