Friday, the Commander in Chief held a news conference in the Rose Garden at the White House on jobs numbers amid the U.S. unemployment rate dropping to 13.3 percent in May, down from a record high in April, indicating the nation’s economy is recovering faster than expected from the coronavirus lockdown.
The Labor Department said in its Friday report that employers added a stunning 2.5 million jobs in May — the biggest increase on record. The economy shed a combined 22.1 million jobs in April and March, meaning there are an estimated 21 million Americans currently out of work, Fox Business reported.
The jobless rate dropped from 14.7 percent in April, which was the highest level ever since record-keeping began in 1948. The surprise decline, combined with the surge in jobs, suggests the worst is over for the nation’s economy as states ease stay-at-home guidelines and businesses bring back staff, per Fox Business.
Stocks roared higher following the report, with the Dow Jones Industrial Average pointing to an open nearly 600 higher.
President Trump expressed his excitement on Twitter before the news conference saying, “Really Big Jobs Report. Great going President Trump (kidding but true)!” adding, “THESE NUMBERS ARE INCREDIBLE!”
“I am so stunned. I’ve never seen numbers like this and I’ve been doing this for 30 years! Steve M. @MariaBartiromo. This is an AMAZING JOBS REPORT! Edward Lawrence @FoxNews”, he tweeted. Continued Below
During Friday’s news conference, the president said, “We are gonna be stronger than we were, when we were riding high. And our stock market is almost, it’s just short of an all time high. … It’s gonna be stronger than last time. … I think it’s going to be a phenomenal next year. … The best numbers are yet to come.”
The president also signed legislation to make changes to the PPP that “will especially help restaurants, hotels and other businesses that have been very hard hit by the virus.”
The measure eases the conditions small businesses have to meet in order to get the Paycheck Protection Program loans forgiven, as some struggled to meet key thresholds during the pandemic, as per CNBC. Video Below
While the president was signing the bill that will ease guidelines on coronavirus relief loans for small businesses, reporters at the news conference, however, kept shouting questions at the president.
“I’d like to sign this bill. And by the way, what’s happened to our country and what you now see, it’s been happening, is the greatest thing that can happen for race relations, for the African American community, for the Asian American, for the Hispanic American community, for women, for everything,” he said.
“Because our country is so strong, and that’s what my plan is. We’re gonna have the strongest economy in the world. We’re almost there now. We had the strongest economy anywhere in the world, and now we’re gonna have an economy that’s even stronger,” President Trump told reporters as they were shouting questions. “You are something.”
Only our media, who has been fighting to keep our country closed, could find negative things to say when the market is surging and the economy is showing signs of recovery after a pandemic. pic.twitter.com/0C6QtfFbNy
— Benny (@bennyjohnson) June 5, 2020
PBS’ Yamiche Alchindo proudly tweeted what she had tried to ask the president while he asked the press to let him sign the bill first.
My Q to President Trump just now: Overall, U.S. unemployment rate fell by 1 %. Black unemployment rate went up .1%. Asian American rate went up by .5%. How is that a victory?
His response to me: “You are something.”
Note: It’s a crucial question.
— Yamiche Alcindor (@Yamiche) June 5, 2020