This economic rebound was aided by President Trump’s decisive action in approving financial relief for American workers and families, as well as the tax cuts passed in 2017.
July 2, 2020
June Jobs Report: “Largest Single-Month Gain in U.S. History”
Following a strong jobs report in May, many economists and commentators expressed doubt that the economic rebound would continue in June. Those doubts were dispelled and expectations were shattered when non-farm payrolls jumped by 4.8 million and unemployment dropped to 11.2 percent.
CNBC: Economists surveyed by Dow Jones had been expecting a 2.9 million increase and a jobless rate of 12.4%. The report was released a day earlier than usual due to the July Fourth U.S. holiday.
Major sectors of the economy, including manufacturing, retail, and leisure and hospitality experienced massive gains.
Leisure and hospitality again accounted for the biggest jump, as the sector saw a 2.1 million gain, accounting for about 40% of the total growth.
Markets reacted to the historic report strongly, with futures jumping more than 400 points at the open. This economic rebound was aided by President Trump’s decisive action in approving financial relief for American workers and families, as well as the tax cuts passed in 2017.