OPINION | This article contains political commentary which reflects the author's opinion.
Can you imagine how booming our economy would be if the democrats could just get out of the way and stop interfering?
The U.S. economy added 1.8 million jobs in July and the unemployment rate fell to 10.2 percent, providing reassurance that the labor market has kept up some of its post-lockdown momentum.
These results surpass the originally anticipated forecast of 1.5 million jobs added to the economy.
Over the past three months, the economy has added approximately 9.1 million jobs, which is especially reassuring for businesses bouncing back after the initial COVID shutdown in March and April.
The largest employment increases in July occurred in leisure and hospitality, government, retail trade, professional and business services, other services, and health care, the Bureau of Labor Statistics said in its monthly report on the employment situation in the U.S.
During the lockdowns, restaurants and bars experienced the hardest hit. Currently, these sectors of leisure and hospitality have added 502,000 new employees.
In a surprise, government employment rose by 301,000 in July. Typically, public-sector employment falls in July. Nonetheless, government jobs are still 1.1 million lower than the February level. It appears that some of the typical July declines happened earlier than usual this year due to the lockdowns.
The black unemployment rate was at record lows before the pandemic lockdowns. Currently, it remains relatively the same as the beginning of July, hovering 14.6%… which is still lower than the 16.6% during the Obama administration.
The Trump administration’s aid programs appear to have worked to stave off economic disaster in the face of the coronavirus pandemic. Direct relief payments to taxpayers and enhanced unemployment have kept incomes up despite the huge rise in unemployment, which in turn has boosted demand for consumer products. The Paycheck Protection Progam, which provides forgivable loans to small businesses that avoid layoffs, also seems to have supported employment and rehiring.
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This is all such great news, y’all.
As the additional $600 weekly unemployment benefits have expired, and the Paycheck Protection Program funds are almost completely exhausted, President Trump has a plan to exercise Executive Orders for federal support if the negotiations are stalled much longer.
Now, let’s stop paying these douche-canoes to riot, and get back to work!