Thursday's jobs report showing a record growth of 4.8 million jobs shows a "spectacular" number and is proof that the Paycheck Protection Program approved earlier this year to combat potential job losses caused by coronavirus shutdowns is working, according to White House economic adviser Larry Kudlow.
"The PPP program worked," Kudlow said on Fox News' "America's Newsroom." "[It was] brilliantly designed, and I think it will continue to pay off."
In addition to the top line of the report being so good, it showed high results for many different groups, including a "700,000 job increase for African Americans. Hispanics are up 1.5 million in this report, and [for] women, 3 million."
The rescue package played a major role, said Kudlow, "because many of those new jobs were filled by people who had been out of work through temporary layoffs and furloughs, and those numbers continue to decline while people are able to stay connected with their companies."
The consumer confidence index is up by 12 points, "which is a huge number," said Kudlow.
Meanwhile, coronavirus cases are continuing to climb, with Johns Hopkins University on Wednesday reporting its largest single-day increase of cases, and Kudlow agreed that steps will be needed to curb that growth. "If you have to pull back on bars and indoor restaurants, so be it," he said. "You need to do what you want to do. The second part, and the president mentioned this yesterday and today, we have to go back to the basic mitigation guidelines, masks or face coverings in these hot spots where it's appropriate. You have to keep the right social distancing and the enormous testing and that's so essential to these hot spot places.
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