The U.S. economy added 2.5 million jobs in May.
On today’s Jay Sekulow Live we discussed the jobs report for May that was just released. While many experts were predicting 19% unemployment or higher, the U.S. economy added 2.5 million jobs. It was the largest monthly increase in jobs since 1939.
The stock market is rocketing right now. The President has spoken to the people. At a time when most people in the business world who track the stock market and the jobs reports closely, even with the stock market that was making gains over the last few weeks, predicted eight or nine million more jobs were lost in May. Instead, there was actually a gain.
For many states, depending on where you are in the country, you may not be feeling this for your business yet. Depending on where you listen to us, and what your state governors have done to directly affect economic recovery, you may or may not be feeling the rebound. But remember, many states across the country have already gotten to Phase 2 of reopening, which included a lot of businesses going back to almost full capacity. Almost.
A lot of restaurants are starting to reopen their dining rooms with inside seating at 50% capacity, and some are getting to Phase 3 with 75% seating.
You’re starting to see people come back to work and also see people in industries that are planning to reopen preparing to go back. If you shuttered a large building, a big restaurant, or a hotel, you now see people going back to work to prepare for opening. You have airports starting to show new life. American Airlines announced that they were going to increase to more than 55%. They were as low at 10-15%.
This is a big deal for the country. American businesses were rocked by COVID-19. Not to mention being rocked by the recent riots. No one across the financial world predicted that we’d see a net gain of 2.5 million jobs in this report, and that doesn’t include the reopening that began on June 1st.
ACLJ Director of Policy Harry Hutchison, who was a professor of law and economics, made the following point:
In direct contraction to expert opinion and the nation’s fear mongers, the unemployment rate dropped over the past month as the economy added 2.5 million jobs, defying predictions of additional layoffs in the wake of the coronavirus pandemic. Unemployment now sits at 13.3%, falling from 14.7% in April. Many economists, by the way, had expected the unemployment rate to reach 20% or higher. Now we have, perhaps, the commencement of a turnaround.
The full broadcast is complete with more analysis of the Department of Labor’s jobs report.
Watch the full broadcast below.
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