Unemployment numbers didn’t stand a chance.
Remember when the New York Times Paul Krugman told us that our economy wouldn’t recover from the Coronavirus until 2027? Well, Friday has brought some real sour news for him and the rest of the anti-Trump Democrats.
Once again, the unemployment rate has dropped significantly.
According to CNBC, the unemployment rate has dropped to 8.4 percent as 1.37 million jobs were added last month in August. This marks a 1.8 percent drop and makes this the lowest unemployment numbers since March when the shutdown over COVID-19 began:
The unemployment rate was by far the lowest since the coronavirus shutdown in March, according to Labor Department figures released Friday. An alternative measure that includes discouraged workers and those holding part-time jobs for economic reasons also fell, down to 14.2% from 16.5% in July and 22.8% at the peak in April.
Economists surveyed by Dow Jones had been expecting growth of 1.32 million and the jobless rate to decline to 9.8% from 10.2% in July.
Government jobs grew significantly thanks to the necessity of census workers with furloughed workers being brought back in droves as well. The next big job gains came from retail, adding 249,0000 positions. Professional and business service jobs rose 197,000. Bars and restaurant jobs also rose by 174,000.
Education and health services also rose according to CNBC:
Education and health services also showed strong gains, at 147,000, while transportation rose by 78,000 due to a big gain in warehousing and storage jobs. Financial activities increased by 36,000 while manufacturing increased by 29,000 and wholesale trade was up by 14,000.
Black unemployment, in particular, fell 1.6 percent, bringing it down to 13 percent. Other minority groups such as Asians and Hispanics fell to 10.7 and 10.5 respectively.
Trump took a well-deserved victory lap on Twitter.
“Great Jobs Numbers! 1.37 Million Jobs Added In August,” tweeted the President. “Unemployment Rate Falls To 8.4% (Wow, much better than expected!). Broke the 10% level faster and deeper than thought possible.”
Great Jobs Numbers! 1.37 Million Jobs Added In August. Unemployment Rate Falls To 8.4% (Wow, much better than expected!). Broke the 10% level faster and deeper than thought possible.
— Donald J. Trump (@realDonaldTrump) September 4, 2020
A falling unemployment rate has become a trend for the Trump administration. Despite lockdowns in various blue states prohibiting economic growth from rising faster, the jobs numbers are climbing nonetheless.
This is great news for Trump, whose best asset is his ability to improve the economic health of America, and the best gauge on whether or not a president will win reelection.