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US economy adds better than expected 4.8 million payrolls

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US economy adds better than expected 4.8 million payrolls

The U.S. economy regained millions more jobs in June from May, as regions across the country eased social distancing restrictions and allowed more businesses to reopen. At 4.8 million, the net addition in payrolls was handily a record single-month gain, and topped consensus expectations.

Meanwhile, the unemployment rate fell from May’s level but held at a historically high level, as millions of Americans remained out of work with the pandemic still under way.

Here were the main metrics from the Department of Labor’s report, compared to consensus estimates compiled by Bloomberg:

    Change in non-farm payrolls: +4.8 million vs. +3.23 million expected

    Unemployment rate: 11.1% vs. 12.5% expected

    Average hourly earnings, month on month: -1.2% vs. -0.8% expected

    Average hourly earnings, year on year: +5.0% vs. +5.3% expected

The June jobs report came following a massive upside surprise in May, during which the economy unexpectedly added payrolls, when a loss of more than 7 million jobs had been expected.

Still, the past two months’ worth of better-than-expected payrolls additions has not been enough to make up for the record decline in April, when virus-related business closures wiped out more than 20 million jobs from the economy.

May’s payrolls were upwardly revised by 190,000 to 2.699 million, while April’s payroll losses were revised down by 100,000 to 20.8 million.

Estimates for the June payrolls gain spanned a wide range, though none of the more than 70 economists polled by Bloomberg expected to see net job losses for June.

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President Trump deserves all the credit for bringing the economy back, no thanks to Democrats trying to keep it shut down. And economists seems about as accurate as global warming "scientists" when it comes to forecasting.

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The June survey was taken mid-month before a resurgence of the coronavirus led to new shutdowns. Americans filed 1.4 million new applications for unemployment benefits last week, the Labor Department reported.
 
 
8:35 AM · Jul 2, 2020·Twitter Web App

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26 minutes ago, MovieMadness said:

 

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President Trump deserves all the credit .........

You got that part right.

07/02/2020 09:58:07
TOTAL ESTIMATED U.S. COVID-19 DEATHS: 127,564

Trump Death Clock

76,538
Estimated U.S. COVID-19 Deaths Due To POTUS Inaction
In January 2020, the Trump administration was advised that immediate action was required to stop the spread of COVID-19. According to NIAID Director Dr. Anthony Fauci, “there was a lot of pushback” to this advice. President Trump declined to act until March 16th. Experts estimate that, had mitigation measures been implemented one week earlier, 60% of American COVID-19 deaths would have been avoided. (For further reading, click here).

 

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1 hour ago, MovieMadness said:

US economy adds better than expected 4.8 million payrolls

The U.S. economy regained millions more jobs in June from May, as regions across the country eased social distancing restrictions and allowed more businesses to reopen. At 4.8 million, the net addition in payrolls was handily a record single-month gain, and topped consensus expectations.

Meanwhile, the unemployment rate fell from May’s level but held at a historically high level, as millions of Americans remained out of work with the pandemic still under way.

Here were the main metrics from the Department of Labor’s report, compared to consensus estimates compiled by Bloomberg:

    Change in non-farm payrolls: +4.8 million vs. +3.23 million expected

    Unemployment rate: 11.1% vs. 12.5% expected

    Average hourly earnings, month on month: -1.2% vs. -0.8% expected

    Average hourly earnings, year on year: +5.0% vs. +5.3% expected

The June jobs report came following a massive upside surprise in May, during which the economy unexpectedly added payrolls, when a loss of more than 7 million jobs had been expected.

Still, the past two months’ worth of better-than-expected payrolls additions has not been enough to make up for the record decline in April, when virus-related business closures wiped out more than 20 million jobs from the economy.

May’s payrolls were upwardly revised by 190,000 to 2.699 million, while April’s payroll losses were revised down by 100,000 to 20.8 million.

Estimates for the June payrolls gain spanned a wide range, though none of the more than 70 economists polled by Bloomberg expected to see net job losses for June.

*****************************************************************

President Trump deserves all the credit for bringing the economy back, no thanks to Democrats trying to keep it shut down. And economists seems about as accurate as global warming "scientists" when it comes to forecasting.

Trump deserves all the credit for the virus resurgence!!!!  He pushed for the economy to reopen sooner than it was safe, and before states met the minimum guidelines as put out by his own government.   As I’ve said,  This virus should be named after him....MORON-a-Virus!!!

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Economies all over the world are re-opening carefully.  Trump's ... not so carefully.

This is nothing to crow about.  Trump has been an abject failure on every count.  His supporters are living in an alternative Universe.

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Testing for the virus doubled a few weeks ago, that let to many more positive tests coming out. It's too bad so many have to resort to lying about it to make political points.

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5 hours ago, MovieMadness said:

Testing for the virus doubled a few weeks ago, that let to many more positive tests coming out. It's too bad so many have to resort to lying about it to make political points.

Stop parroting the fantasy cop out excuse used by Trump.

FACT: The U.S. has 4% of the world's population, with 25% of covid 19 cases.

FACT: The EU just banned  Americans from visiting Europe (with those big U.S. tourist dollars they desire) while such nations as Algeria, Rwanda and Canada qualify to visit the continent because of their success in fighting the virus.

THE UNITED STATES JOINS NATIONS LIKE BRAZIL AND RUSSIA AS A COVID 19 DISASTER DUE TO THE TOTAL INEPTITUDE OF TRUMP'S "LEADERSHIP." THIS IS A MAN WHO HELD A RALLY, HAVING SOCIAL DISTANCING STICKERS REMOVED FROM CHAIRS TO CROWD EVERYONE TOGETHER SO IT WILL LOOK GOOD ON CAMERA, TO HELL IT THE FACT THAT SOME OF THOSE SUPPORTERS MAY DIE AS A RESULT.

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7 hours ago, MovieMadness said:

President Trump deserves all the credit

 

6 hours ago, Bogie56 said:

You got that part right.

07/02/2020 09:58:07
TOTAL ESTIMATED U.S. COVID-19 DEATHS: 127,564

 

😄

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6 hours ago, MovieMadness said:

Testing for the virus doubled a few weeks ago, that let to many more positive tests coming out. It's too bad so many have to resort to lying about it to make political points.

They seem to be running out of hospital beds very quickly in these new hot spots.  The only thing political about this FACT is the dangerous a holes who have their heads buried in Trump's keyster.

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6 hours ago, MovieMadness said:

Testing for the virus doubled a few weeks ago, that let to many more positive tests coming out. It's too bad so many have to resort to lying about it to make political points.

I can agree that more confirmed Covid-19 cases is due to more testing.    

So what is really key is not the number of confirmed cases,  but the ratio of confirmed cases to those being tested.

This is way up in states like Texas and Florida.      If your implied theory is correct (there is much more testing and that is why there are more confirmed cases BUT the odds of contacting Covid-19 is less or about the same that it was in April \ May)  that ratio would be about the same,  or lower.

Again,  this ratio is MUCH higher! 

While the ratio in CA is only slightly higher,  that isn't the case in most of the hot-spot states.     (which is why CA's Governor is going back to a stay-at-home  strategy,,,  so that RATIO doesn't get to > 20% like it is NOW in Texas and Florida.

           

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President Donald Trump has arrived at Trump National Golf Club in Sterling, Virginia at 9:52am according to the pool report. 
 
It is the 365th day he's spent at one of his properties and the 273rd day he has been to one of his golf clubs.
 
10:05 AM · Jul 3, 2020·Twitter for iPhone

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Replying to
 
A useful reminder from last November: “Trump Has Spent $115 Million On Golf Trips ― Or 287 Years Of Presidential Salary”
 

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Replying to
 
in other words, Trump literally has spent an entire year of his presidency at his own properties, much of it playing golf
 
10:52 AM · Jul 3, 2020·Twitter for iPhone
 
11:11 AM · Jul 3, 2020·Twitter for iPad
 
07/03/2020 12:03:01
TOTAL ESTIMATED U.S. COVID-19 DEATHS: 128,147

Trump Death Clock

76,888
Estimated U.S. COVID-19 Deaths Due To POTUS Inaction
In January 2020, the Trump administration was advised that immediate action was required to stop the spread of COVID-19. According to NIAID Director Dr. Anthony Fauci, “there was a lot of pushback” to this advice. President Trump declined to act until March 16th. Experts estimate that, had mitigation measures been implemented one week earlier, 60% of American COVID-19 deaths would have been avoided. (For further reading, click here).

 

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he goes to the golf courses he owns,  dummy. Unlike Obama who had taxpayers footing the bill for his 333 trips out while hacking away.

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11 minutes ago, MovieMadness said:

he goes to the golf courses he owns,  dummy. Unlike Obama who had taxpayers footing the bill for his 333 trips out while hacking away.

Trump’s 29th Trip To Mar-a-Lago Brings Golf Tab To 334 Years Of Presidential Salary

Yet after three years in office, T**** has spent two-and-a-half times as many days on a golf course as Obama had done at the same point in his first term. If Trump plays golf both Saturday and Sunday, he will have played 248 times. Obama by his 1,123rd day in office had played 92 times.

And because Trump insists on playing at courses he owns, the cost to taxpayers has been nearly four times as high as it was for Obama. More than two-thirds of Trump’s golf outings involve seven-figure trips aboard Air Force One, mainly to Florida and New Jersey, but also to Los Angeles, Ireland and Scotland. Obama, in contrast, played most of his golf on courses at military bases within a short drive of the White House.

https://www.huffingtonpost.ca/entry/trump-golf-mar-a-lago-taxpayers_n_5e4712b9c5b64d860fcab86c?ri18n=true&guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS91cmw_c2E9dCZyY3Q9aiZxPSZlc3JjPXMmc291cmNlPXdlYiZjZD0mdmVkPTJhaFVLRXdqRG43bUl2ckhxQWhXd2lPQUtIU2RUQ0hVUUZqQUNlZ1FJQVJBQiZ1cmw9aHR0cHMlM0ElMkYlMkZ3d3cuaHVmZnBvc3QuY29tJTJGZW50cnklMkZ0cnVtcC1nb2xmLW1hci1hLWxhZ28tdGF4cGF5ZXJzX25fNWU0NzEyYjljNWI2NGQ4NjBmY2FiODZjJnVzZz1BT3ZWYXcxTVpmWFB0VFNkM0M4RWRXR3NFNGtJ&guce_referrer_sig=AQAAAI8FI6i5ktT5SkRspu2VwqGDm0SeCaah5hcVQJ7WDuV-EsRguSE0gATPaHPjPqKKlOlFnf6ueDs9MWOIH4KOrXB45n3H2A2tW7ttwi0DH3bc9SE9jPAkf-KvlbMEhnh2ZCy_oxcBs3V3uF4VnmaZw7nNWxSnqhtneOVdXH9_AII0

 

 

 

So who's the dummy?

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6 hours ago, MovieMadness said:

he goes to the golf courses he owns,  dummy. Unlike Obama who had taxpayers footing the bill for his 333 trips out while hacking away.

Tom explained it, but to reinforce it.  Trump goes to places he owns so that the Trump Organization will make money off the American taxpayers.  His staff, secret service agents and many others have to pay greatly higher than normal prices for rooms and food.  Not to mention transportation to and from the locations and around them.

Give it up.  Trump has played golf many, many times more than Obama and at far, far greater cost to American taxpayers.

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26 minutes ago, TheCid said:

 

 

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