Trump touts June jobs report, says economy now 'shattering all expectations' after COVID shutdown
'There's not been anything like this, it's record setting,' Trump said. 'Today's announcement proves our economy is roaring back, it's coming back extremely strong.'
President Trump on Thursday touted June's economic growth that he said was "shattering all expectations," praising the largest monthly job gain in American history.
Trump spoke after the Bureau of Labor Statistics reported the U.S. added 4.8 million jobs last month. In addition, the unemployment rate fell to 11.1% in June.
"There's not been anything like this, it's record setting," Trump said about economic growth following the COVID-19 economic shutdown, during a White House press conference. "Today's announcement proves our economy is roaring back, it's coming back extremely strong."
The jobs figure exceeds the 3 million estimate from economists. Trump said consumer confidence rose 12 points since April.
Many of the jobs added were from the leisure, hospitality, and retail industries, which were particularly hit hard by the coronavirus shutdown. Trump said 80% of small businesses were now opened and new business applications had doubled since late March.
"This is not just luck, what's happening, this is a lot of talent," Trump said. "All of this incredible news is the result of historic actions my administration has taken working with our partners in Congress to rescue the U.S. economy from the horrible event that was formed, took place in China and came here. They could have stopped it. They could have stopped it."
The increase in jobs comes as businesses begin rehiring following the height of the coronavirus pandemic in April and May.
The unemployment rate also dropped more than expected. The Dow Jones predicted that it would fall to 12.4% in June. It was 13.3% in May.
Trump said he was particularly glad to see strong job growth in the manufacturing sector.
"African-American workers — very happily for me — made historic gains, with 404,000 jobs added last month alone, and that's a record," Trump said, saying that including May's job growth brought the two-month total to 700,000 jobs for African-Americans.
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