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Jobs Report Exceeds Expectations: Stocks Rise as US Recovers 4.8M Jobs and Unemployment Falls to 11.1%

07-02-2020
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jobs and unemployment

According to the latest figures from the US Department of Labor, employers added nearly 5 million jobs in June, the largest monthly gain in US history. 

The jobs report smashed Wall Street expectations and President Trump seized on the opportunity to take a victory lap with an impromptu news conference. 

"This is the largest monthly jobs gain in the history of our country," he said. 

Trump touted the 4.8 million jobs added in June as the unemployment rate fell to an unexpected 11.1 percent.  

"Today's announcement proves that our economy is roaring back," Trump said. "It's coming back extremely strong."

Eighty percent of small businesses have re-opened. As a result, retail sales are up by 18 percent. The Dow surged early more than 400 points after the opening bell Thursday. 

"The stock market is soaring with the best gains in over 20 years," Trump said. 

While the improving unemployment rate comes as good news, growing fear over the recent surge in coronavirus cases may limit further gains. It's a concern Democrats voiced to push back on the president's remarks.

Senate Minority Leader Chuck Schumer (D-NY) tweeted, "Today's job report may just be a slight peak in a much larger valley, and unless pres Trump demonstrates real leadership and the Senate GOP get off their hands and work with Democrats to provide additional federal fiscal relief, the pain America is experiencing will only worsen. "

House Speaker Nancy Pelosi (D-CA) responded saying, "The virus is efficient. This president is not."

22 million jobs were lost in March and April alone. Seven million, about one-third of those jobs have already been recovered.

"Our work is not done until every American who lost their job to COVID is back to work," said Treasury Secretary Steven Mnuchin.

President Trump predicts a fantastic third quarter and says next year will be a historic year for jobs, companies, and growth.  He hopes the encouraging numbers will translate into a boost at the polls this November. 

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