Donald Trump boasts about 4.8 million new jobs as he claims US economy is 'roaring back'
US President Trump today held a press conference to boast about the jobs increase in June.
The US added 4.8 million jobs last month, the biggest increase since records began.
President Trump called the number the 'largest monthly job gain in the history of our country' in a hastily arranged public appearance after the unemployment rate fell to 11.1%.
He called the numbers 'spectacular news for American workers,' adding that "that our economy is roaring back."
But the numbers need to be put into context as there were a mammoth 20 million job losses in April.
He also took the victory lap as the coronavirus resurges in states such as California, Texas and Florida, prompting local governments to once again shutter bars and other businesses where the deadly respiratory disease is thought to spread easily.
Today McDonald’s paused the reopening of its dine-in service in the US by 21 days as the number of coronavirus cases soars.
Despite the swelling loads of new cases, Trump said he expected to see good employment numbers in the coming months and that the third quarter gross domestic product report, due days before the November presidential election, would also be strong.
Trump said the report “suggests that workers are confident about finding a new job.”
He added that the White House and Congress continue to negotiate on another round of stimulus, called “Phase 4,” to help the economy withstand a pandemic now in its fourth month.
Polls show voters give Trump high marks on his economic prowess but give him low grades on his handling of the coronavirus pandemic and race issues.
The President has banked his re-election campaign on his economic message.
Global markets rose after the jobs number as investor confidence of a V-shaped recovery returned.
In London stocks pushed higher with the FTSE 100 up 71 points at 6228.47, while US stocks on Wall Street also made gains.
Richard Flynn, managing director at Charles Schwab, said: "Today's upbeat US jobs report will build upon the market's positive momentum from last month's data.
"However, even if the number is trending lower, continued jobless claims over the past few weeks suggest that many job losses may become permanent as businesses struggle to reopen and unused resources and skills become outdated.
"It's also possible that a labour market recovery may be further endangered by the latest spike in infection rates in various states. In the US, demographic data from the Center for Disease Control shows that new cases in May and June are skewing towards those that are younger, rather than towards the older portion of population as seen back in April and in months prior.
"While daily stock market volatility in recent weeks may be influenced in part by the rising number of cases, the overall trend in stocks seems more closely aligned with deaths than new cases.
"A second wave of deaths could in turn lead to a second wave of decline for the economy, corporate earnings and the stock market. Watching the number of deaths, rather than new cases, will be critical for investors in the weeks ahead."
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