The June jobs numbers are in and they are eye-popping. Once again, the “experts” were so far off as to make one wonder what the point of having experts is. Initial estimates had job gains at 2.9 million. The real number turned out to be 4.8 million jobs added as the unemployment rate dropped to 11%.
Sectors that saw large gains included retail, healthcare, manufacturing, and professional services.
The jobs numbers for June are in and they’ve blown way past expectations with 4.8 million positions created.
“Total nonfarm payroll employment rose by 4.8 million in June, and the unemployment rate declined to 11.1 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it. In June, employment in leisure and hospitality rose sharply. Notable job gains also occurred in retail trade, education and health services, other services, manufacturing, and professional and business services,” the Labor Department released Thursday morning.
This is the V-shaped recovery some of us on the right predicted. It always made sense that once the lock-downs started to wain, that you’d see massive job gains simply by default. Most businesses were always going to open back up because their only hope for most owners to not fall into financial ruin is to attempt to dig themselves out of the hole. The PPP loan program likely saved millions of jobs by giving companies capital to stay afloat during these hard times.
June’s job numbers not only crushed expectations, they were the best in U.S. history. That hasn’t stopped the media and Democrats from trying to pretend this isn’t good news, though.
Let me translate that for you: Just wait two weeks! How many times have we heard that?
In reality, the recent spike in cases doesn’t look to have had much effect on job gains and it shouldn’t unless death rates begin to rise exponentially, forcing mass closures again. As it stands, states probably can’t put the genie back in the bottle anyway. Even as some Democrats attempt to re-close their states, most of their residents are not going to listen to them. Commerce is going to continue to accelerate.
We’ve now had two straight months of massive gains, but Schumer is still positing the valley is coming unless Trump does what Democrats want. I guess that’s the only line he has left, so it’s understandable he’d try to use it. That doesn’t make it any less nonsensical though.
There were open questions after May’s big report whether that was just an initial re-opening spike that would level out as real job losses became permanent. This June report pushes back on that narrative pretty strongly. If July shows even half these gains, it’ll be fairly definitive proof that the economy is going to come back strong.
It’d be nice if we had a media willing to report on this stuff honestly, but that’s not the world we live in.