Way back in April, when President Donald Trump first began pushing for states to reopen their economies despite the ongoing COVID-19 pandemic, he was predicting that when the reopening finally happened, there would be a “V-shaped” economic recovery.
He was referring to charts that would show a dramatic drop-off in employment following by an equally dramatic increase in employment when firms ‘allowed’ to reopen began to rehire workers.
As usual, the president and his economic advisers, as well as Republicans who have come to trust him, were all right.
The unemployment rate fell like a comet from the sky last month, dropping two full percentage points as 1.4-plus million Americans went back to work.
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Fox Business Network has some more details:
The U.S. economy added 1.4 million jobs in August as the unemployment rate unexpectedly tumbled, indicating the nation’s labor market is continuing a slow but steady recovery from the coronavirus pandemic.
The Labor Department’s payroll report released Friday showed the jobless rate fell sharply to 8.4%, down from 10.2% in June and a peak of 14.7% in April. It marks the first time since March that unemployment has been below 10%.
Economists surveyed by Refinitiv expected the report to show that unemployment dropped to 9.8% and the economy added 1.4 million jobs.
This comes after a whopping 7.5 million jobs were filled in May and June before states got spooked again by a ‘resurgence’ in the virus and backtracked their reopening in July.
“We are still moving in the right direction and the pace of the jobs recovery seems to have picked up, but it still looks like it will take a while – and likely a vaccine – before we get back close to where we were at the beginning of this year,” said Tony Bedikian, head of global markets at Citizens Bank. “We continue to be optimistic that the economy has turned a corner and that we’ll continue to see steady progress.”
The most positive news was a big reduction in the official jobless rate to 8.4% from 10.2%, marking the fourth straight decline from a pandemic peak of 14.7%. A separate survey of households showed a much larger number of people returning to work (3.76 million) and a sharp decline in the unemployed (-2.8 million).
While the NeverTrumpers will pooh-pooh these figures, they are nothing short of spectacular, and here’s why: If the economy the president and Republicans built was not so solid before the pandemic nearly killed it off, then there would not be this substantial base of opportunities to fill.
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Jobs are there; they just need workers. And the more of our economy governors and mayors ‘allow’ to reopen, the higher the demand will be for workers again.
Just like it was before the pandemic.
But expect to see Democrat governors and city leaders keep their people suffering for just as long as possible because a crappy economy hurts the president in normal times.
Then again, we don’t live in normal times. Nothing close to them.
