President Trump touted the “historic numbers” of June jobs report, saying the better-than-estimated numbers amid the coronavirus pandemic is evidence that “our economy is roaring back.”
“I’d like to just announce the spectacular news for American workers and for American families and our country as a whole,” Trump said Thursday morning in the Brady Press Briefing Room, an hour after the Labor Department released June number. “Today’s announcement proves that our economy is roaring back, it’s coming back extremely strong.”
“The United States economy added almost 5 million jobs in the month of June, shattering all expectations. This is the largest monthly jobs gain in the history of our country,” Trump added. “All of this incredible news is the result of historic actions my administration has taken working with our partners in Congress to rescue the U.S. economy from a horrible event that was formed, took place in China, and came here.”
Thursday’s jobs report showed the economy added 4.8 million jobs in June. Leisure and hospitality added 2.1 million jobs with retail jobs growing by 740,000 jobs and manufacturing rehiring in large numbers by 356,000. The job data of June gains follows May’s shocking labor market rebound of the economy adding 2.5 million jobs. It brings the total to 7.5 million jobs created in the last two months alone, recovering roughly a third of the unprecedented 22 million jobs it lost to the coronavirus pandemic recession in March and April.
The unemployment rate dropped to 11.1 percent in June after peaking at 14.7 percent in April and falling to 13.3 percent in May. Economists expected the rate would be 12.3 percent with an increase of just 1 to 3 million jobs.
Trump warned the economic momentum would be killed if Joe Biden is elected in November.
“The only thing that can kill it is a bad president or president that wants to raise taxes,” Trump said. “You want to raise taxes? This whole, your 401k’s will drop down to nothing and your stock market will drop down to nothing. This is not just luck what’s happening. This is a lot of talent.”
Despite the robust economic recovery, a record surge of new coronavirus cases has forced at least 45 states to pause, reverse, or delaying reopening plans to combat the spread, a move that could push unemployment numbers to spike up. The U.S. recorded a single-day record high of passing 50,000 new cases for the first time Wednesday, more than doubling over the past month, according to the count by Johns Hopkins University. At least five states — Arizona, California, North Carolina, Tennessee, and Texas reported a record number of new cases.
The president expressed confidence that the record surge of new cases would not slow the recovery.
“We’ve implemented an aggressive strategy to vanquish and kill the virus, and protect Americans at the highest risk, while allowing those at lower risk to return safely to work. That’s what’s happening,” Trump emphasized. “We have some areas where we are putting out the flames or the fires. We’re working very closely with governors, and I think it’s working out very well.
Trump also cheered the soaring gains in the stock market and predicted a strong third quarter.
“The stock market is soaring with the best gains in over 20 years,” Trump said. “In the second quarter, the Dow Jones increased 18 percent. These are not numbers that people have heard about. It’s the best in 33 years. The S&P 500 increased by almost 20 percent, the best since 1998 for the quarter. And NASDAQ increased over 30 percent, the best since 1999.”
“You’re going to have a fantastic third quarter,” he continued. “It will be a third-quarter the likes of which we’ve never seen before, in my opinion. And the good thing is the numbers will be coming out just prior to the election so people will be able to see those numbers.”
Stocks rose sharply after the release of the June jobs report. The Dow Jones Industrial Average rose more than 450 points, climbing about 1.7 percent after the Labor Department reported a June gain of 4.8 million jobs. The S&P 500 index rose 1.5 percent and the NASDAQ composite rose roughly 1.4 percent.