Trump said the US economy was 'roaring' after record employment numbers



Donald Trump says the US economy is "lagging behind" New figures show 4.8 million net jobs were created last month.


Economists warn, however, that the recovery of the coronavirus in the country is at risk of recurrence of the infection.

Official figures - released a day earlier than usual due to a public holiday - saw a huge increase in re-hiring compared to financial markets amid continued pick-ups since the unprecedented employment collapse in April.

Mr. Trump said: "Today's announcement proves that our economy is roaring back. These are historical figures."

Since the start of comparable records in 1939, the work of 4.8 million people a month has been much, yet much of the development has been re-assigned.

The milestone among commentators is that another gradual reform has begun - as new waves of coronavirus groups hit populated Florida, Texas, and California states - indicating the resumption of local restrictions on the movement.

The new measures - and their effects on employment - were not recorded in the June data because employment data were measured much earlier in the month.

Last month’s data from just 13% in May shows a drop of 11.1% from the previous month.

The rate was 14.7% in April, as the impact of the March lockdown on the US economy left more than 20 million out of office, and according to several government forklift plans.

Millions of people lost their jobs altogether, as unemployment benefit claims showed at the time.

Last week's opening claims were down from 1.8 million to 1.43 million in the previous seven days.

The US Central Bank Chair acknowledged this week that the economic recovery is expected to accelerate faster than expected, but a particularly sharp recession.

However, Jay Powell's approach is "exceptionally uncertain" and it is based on "our success in stopping the virus".

Investors seized on-the-job data as evidence of the so-called "V" left recovery, up 1.6% or more than 400 points in early trading on New York's Dow Jones.

In Europe, the FTSE 100 has benefited from improved data with many large US companies, which have overshadowed the US economy.

It has been trading over 1.5% since the release of the data.

The Sterling 25 traded below 1.25 as the dollar weakened slightly.

Seema Shah, the Chief Strategist at Principal Global Investors, commented: “Today's numbers will certainly support the growing evidence of a strong economy in early June.

“All state-wide lockdown orders have been withheld until the time of the survey week, and the labor market correction is understandable.

“These figures will inevitably take center stage before the congressional debate over the next round of coronavirus stimulation.

"However, the US government is currently unsuccessful. High-frequency data indicates that labor market strength is beginning to decline by the end of this month."

Paul Craig, portfolio manager of Quilter Investors, said: "Although employment figures from the US are expected to hit the surface for another month, it is clear that we are on volatile ground.

"The country is still the first wave of war-torn coronaviruses and it shows no signs of diminishing."

Post a Comment

0 Comments