Charlotte, NC – On Friday, the May jobs report came out and was a surprise to all of the media and those on the left. They had been painting a grim picture for months, but the economic data shared shows that jobs were added in May. In fact, it did not capture most of the reopening dates so the picture is much brighter than what is shown in the report.
Non-farm payrolls rose by 2.5 million jobs in May according to the report. Manufacturing, retail, healthcare, entertainment and many other sectors all increased employment in May. With the additional jobs, the unemployment rate dropped to 13.3%.
The sector showing the biggest challenges is in government positions. Approximately 585,000 government positions were lost during the reporting period. There were some slight decreases in average wage, but the average work hours increased for most employees.
The data shows the strength of the economy amid all of the recent negative press. Earlier in the day on Friday, the Associated Press had been preparing everyone for a jobs report of near 20% unemployment. The article pushed the continued negative press designed to continue to placing the blame on President Trump.
As the reopening continue across the country, the economic picture continues to look great. Americans are going back to work and getting back to their lives. The expectation is that the jobs report will continue to improve into June.
The media continues to look towards potential second waves of the coronavirus and the need for additional shut downs in the future. Some states still have restrictions in place, but most have allowed individuals to return to work in some capacity, even if limited.
The economy, before the coronavirus, was one of the strongest in the history of our country. At the beginning, some had suggested we would experience a V shaped economic impact from the virus. Others suggested that the recovery may be a U shaped recovery. Either way, the expectation is that the economy will recover.
The downturn has given Joe Biden the ability to attack Trump on the economy. Some have suggested that he has pulled into a commanding lead over Trump in many areas, but the economy may be the turning point. A strong economic recovery, that the numbers indicate may be possible, could spell significant trouble for the gaffe prone Joe Biden.
Stay tuned to The Liberty Loft for the latest on the economic developments. We will continue to monitor the reports and get you the most up to date information.
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