Wait, I thought that the we were going to have another Great Depression? I mean, that’s what the radical media kept telling us was going to happen because of President Donald Trump’s alleged bungling of the country’s COVID pandemic response. Unfortunately for the radical media, that doesn’t seem to be happening — both in the stock market and the newly released June jobs report.
For a second straight month, the U.S. unemployment dropped, easily beating economists predictions once again.
According to Fox Business:
The Labor Department said in its report, released on Thursday because of the Fourth of July holiday, that employers added 4.8 million jobs in June — the biggest increase on record. Economists surveyed by Refinitiv expected the report, to show that unemployment dropped to 12.3 percent and that employers added 3 million jobs.
Fox Business downplayed the the impact of the jobs report, stating that the “unemployment level, which is still at the highest level in decades, is expected to remain elevated as social distancing guidelines remain in place, particularly as states fight a resurgence in COVID-19 cases.” Both Fox Business and the Bureau of Labor Statistics (BLS) threw caveats at the numbers, claiming that the numbers are still way down from February — when the numbers were at historic all-time highs.
The world had a pandemic thrust upon them. What did they expect to happen? The more remarkable aspect of the entire situation is how swiftly the numbers are rebounding, but critics can’t be bothered to note the prediction-beating improvements.
BLS also reported the following in their June report, hopefully signaling continued improvement for all Americans:
Among the major worker groups, the unemployment rates declined in June for adult men (10.2 percent), adult women (11.2 percent), teenagers (23.2 percent), Whites (10.1 percent), Blacks (15.4 percent), and Hispanics (14.5 percent). The jobless rate for Asians (13.8 percent) changed little over the month.
If you remember, the May jobs report shocked pretty much everyone including the same Refinitiv-surveyed economists who thought that the report for that month was going to show an increase. The May report showed that the unemployment rate went from 14.7 percent down to 13.3, while the economists predicted the rate to rise to 19.8 percent.
We constantly hear about the predictions of all of these “experts,” and they continually are proven wrong. You have to wonder what qualifies these people to continue to be called “experts.”