Tags: Coronavirus | Trump Administration | trump | jobs | economy | employment

Trump: Record Jobs Report Proves US Economy 'Roaring Back'

(Evan Vucci/Associated Press)

Thursday, 02 July 2020 09:55 AM

President Donald Trump said June’s better-than-expected jobs report shows a strong rebound from losses due to the coronavirus pandemic even as new cases surge in parts of the U.S.

“Today’s announcement proves our economy is roaring back,” Trump said Thursday at a White House news conference. "These are historic numbers."

He predicted a resurgence just before the November election.

Trump’s comments came as spiking coronavirus cases cause some states to slow or reverse plans to reopen their economies. Trump has come under widespread criticism for his handling of the virus and is trailing Democratic challenger Joe Biden in national polls and in key swing states.

The rebound of the U.S. jobs market accelerated in June, as businesses continued to reopen -- cheered on by Trump. Payrolls rose by 4.8 million last month and the unemployment rate fell to 11.1% from 13.3% in May.

Economists had forecast payrolls to rise by 3 million and an unemployment rate of 12.5%.

But those reopenings have been blamed for a resurgence of virus cases in mostly Republican-run states that were quickest to remove stay-at-home orders.

Trump praised his administration’s handling of the virus and predicted a “fantastic” third quarter that would help him before voters go to the polls.

“The good thing is the numbers will be coming out just prior to the election,” Trump said.

A separate report from the Labor Department showed that initial applications for state unemployment insurance fell by less than expected, to 1.43 million for the week ending June 27.

Thursday's report, Trump said, "suggests that workers are confident about finding a new job." He added, though, that the White House and Congress continue to negotiate on another round of stimulus, frequently called "Phase 4," to help the economy withstand a pandemic now in its fourth month.

Trump says there are still areas where “we’re putting out the flames” of the virus. Many states, especially in the South and West, are experiencing spikes in coronavirus cases and leading some governors to slow the pace of reopening their economies.

Trump is also facing new political criticism over his handling of reports that Russia paid bounties to kill U.S. troops in Afghanistan. The president has dismissed the reports as a “hoax,” even though his own senior officials weighed possible reprisals.

In addition, the president’s continued stoking of racial tensions in the face of nationwide protests against police brutality continue to spark controversy.

For Friday's jobs report on the June data, click here now.

For weekly jobless claims data, click here now.

© Copyright 2020 Bloomberg News. All rights reserved.


   
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President Donald Trump said June’s better-than-expected jobs report shows a strong rebound from losses due to the coronavirus pandemic even as new cases surge in parts of the U.S.
trump, jobs, economy, employment
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2020-55-02
Thursday, 02 July 2020 09:55 AM
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