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America's unemployment rate falls to 13.3% as economy posts surprise job gains


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America's unemployment rate falls to 13.3% as economy posts surprise job gains

The American economy just got a shocking piece of good news: The job market may be recovering well ahead of schedule.

The US unemployment rate surprisingly fell to 13.3% in May, as the economy gained 2.5 million jobs.

It was the largest monthly gain in new jobs since the Bureau of Labor Statistics started tracking the data series in 1939.

The labor market rebounded from April's drastic losses, when a revised 20.7 million jobs vanished. The unemployment rate last month soared to 14.7% as businesses shut during the coronavirus lockdown.

The Labor Department noted that during the pandemic, millions of workers were misclassified as "employed but not at work," when they should have been counted as "unemployed on temporary layoff." If it weren't for those misclassifications, the unemployment rate would have been higher — around 19.2% in April and 16.1% in May, not including seasonal adjustments.

Still, economists' estimates for the May report were way off, with expectations around 20% and about 8 million jobs lost. But the gradual reopening of the economy actually added new jobs rather than eliminating further positions.

Construction jobs, for example, increased by 464,000 in May, gaining back nearly half of what they lost in April. Construction activity is part of the first phase of reopening.

"These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus pandemic and efforts to contain it," said William W. Beach, commissioner of the Bureau of Labor Statistics, in a statement.

President Donald Trump took credit for the better than expected report on Twitter, calling the numbers "incredible."

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The Democrats did their best to keep people unemployed by shutting down states that they control, but now that enough people have protested they are opening back up and allowing everyone to work again, so the unemployment rate is falling. The media is shocked because they want Biden to win the election while doing nothing.

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Hooray.  Trump took a 4% unemployment rate and through incompetent bungling of the pandemic which he failed to even recon with, he turned it into a 13.3% unemployment rate.  With the help of trillions of dollars in debt I might add.

Casino Don triumphs again.

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55 minutes ago, Bogie56 said:

Hooray.  Trump took a 4% unemployment rate and through incompetent bungling of the pandemic which he failed to even recon with, he turned it into a 13.3% unemployment rate.  With the help of trillions of dollars in debt I might add.

Casino Don triumphs again.

I hope you're joking here,  otherwise you understand a President' impact on the unemployment rate no better than MM.

 

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:D I think it's cute that MM thinks "democrats did their best to keep people unemployed".  :rolleyes:  Heh!  Probably too, thinks that COVID-19 is a "hoax" or a "scam".  :rolleyes:  That 3 of my wife's family members in Texas died from it sure makes it a convincing "scam", don't it?

But it IS getting stale as how he keeps making claims like that with absolutely NO documentation to back any of it up. 

Sepiatone 

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26 minutes ago, jamesjazzguitar said:

I hope you're joking here,  otherwise you understand a President' impact on the unemployment rate no better than MM.

 

I was just countering the triumph of Donald Trump's 13% unemployment story.  

Normally I would wholeheartedly agree with you but in this case politicians with their re-opening rules have contributed to the recovery of some jobs.  Is that Trump or the Governors who are calling those shots?

Plus Trump's numbers would be way worse if not for billions of dollars in bail outs to companies in order NOT to lay off workers.  We'll see where that goes when the money runs out - which is shortly.

In any event somebody in the Whoppers thread said it best ... this is a pathetic participation medal for Trump.

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28 minutes ago, Bogie56 said:

I was just countering the triumph of Donald Trump's 13% unemployment story.  

Normally I would wholeheartedly agree with you but in this case politicians with their re-opening rules have contributed to the recovery of some jobs.  Is that Trump or the Governors who are calling those shots?

Plus Trump's numbers would be way worse if not for billions of dollars in bail outs to companies in order NOT to lay off workers.

In any event somebody in the Whoppers thread said it best ... this is a pathetic participation medal for Trump.

Yes,  during major economic crisis the Executive branch of the Federal Government,  as represented by the President,  does have more 'influence' over stats like unemployment and the stock market,   but only for a shot time;  a temporary boast  (that typically is done for political reasons and not justified from a cost benefit analyst approach in the long term).

Trump and his admin and the GOP policies,  were only partially  responsible for the job grown and healthy stock market and thus and only partially responsible for any declines.   But there are tangible polices the GOP did pass,  such as the Tax cut,  whose harm to the economy in the long term will be staggering and for this reason alone Trump should be voted out (as it relates to the economy).

 

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51 minutes ago, jamesjazzguitar said:

Yes,  during major economic crisis the Executive branch of the Federal Government,  as represented by the President,  does have more 'influence' over stats like unemployment and the stock market,   but only for a shot time;  a temporary boast  (that typically is done for political reasons and not justified from a cost benefit analyst approach in the long term).

Trump and his admin and the GOP policies,  were only partially  responsible for the job grown and healthy stock market and thus and only partially responsible for any declines.   But there are tangible polices the GOP did pass,  such as the Tax cut,  whose harm to the economy in the long term will be staggering and for this reason alone Trump should be vote out (as it relates to the economy).

 

i added to my previous comment after you had responded to it.

The bailouts to companies for the sole purpose of keeping people on their books is due to run out soon.  We'll see where that leads.

And once more if Trump had done even a little bit more to fight the pandemic in the beginning instead of calling it a political hoax he would have saved many millions of lives AND jobs.  South Korea's economy has not taken the hit that America has.  Unfortunately, Canada which is joined at the hip to America is suffering tremendous job losses.  They say if America sneezes, Canada gets pneumonia.

I know some people were of the mind that it is not incumbent on Canadians to comment on American politics.  But I might put it this way ... when you hear that a good cousin has cancer and you can see that there is a treatment you want to speak up.  Donald Trump is that cancer.

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If you're bragging about a 13.3% unemployment rate, your name is likely Donald Trump. Of course

businesses are opening up again even if more people die as a result. Business is more important

than lives. Not exactly a surprise. 

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