Donald Trump claims that the US economy ‘roars’ when companies hire a record 4.8 million workers
Donald Trump claimed that the US economy is ‘roaring’, as official figures showed that companies hired a record 4.8 million workers last month.
The unemployment rate fell from 13.3 percent in May to 11.1 percent in June, as the world’s largest economy recovered more strongly than expected.
The increase of 4.8 million employees on the payroll is the largest monthly increase since records began in 1939, and comes after an increase of 2.5 million jobs in May. The increase was also much greater than the 3 million increase predicted by many economists.
President Trump praised the latest US job data showing that the unemployment rate has fallen from 13.3 percent in May to 11.1 percent in June
Job recovery was broad-based, with figures from the U.S. Labor Department showing that leisure and hospitality businesses employed 2.1 million workers, manufacturers added 356,000 jobs, and retailers recruited 740,000 employees.
The numbers spurred a revival of global stock markets and were backed by Trump who immediately tweeted, “Some great jobs!”
At a White House news conference, the President described the numbers as “spectacular news for American workers and American families and for our country as a whole.”
He said, “Today’s announcement proves that our economy is roaring – it’s coming back extremely strong.”
But experts soon pointed out that the figures were collected in the second week of the month, and therefore predate a second wave of infections that hit several major U.S. states, including California, Florida and Texas.
Melissa Davies, chief economist at Redburn, said there is “a lot of good news in the US non-farm payrolls report,” but added, “There will be not only a second wave of viruses, but a second wave of job losses as companies join bankruptcy and new economic reality. ‘