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Honored Social Butterfly

Unemployment Falls to 13.3% and Economy Adds 2.5 Million Jobs

Unemployment Falls to 13.3% and Economy Adds 2.5 Million Jobs

 

BY:  John Carney

 

The unemployment rate fell to 13.3 percent and payrolls unexpectedly rose by 2.5 million workers as the easing of restrictions on business activity and government aid led to new hiring in May.

 

The U.S. unemployment rate rose above last month’s record-high 14.7 percent, which was the highest on record in data going back to 1948. Economists estimate that the unemployment rate reached 25 percent during the Great Depression, although that predated the scientific economy-wide record keeping the government now deploys.

 

The job gains mark a sudden turnaround from a month earlier, when the economy shed a staggering 20.5 million jobs, by far the worst monthly decline on records back to 1939.

Economists had expected the unemployment rate to rise to nearly 20 percent and the economy to shed an additional 8 million jobs.

 

The mandatory closures of many businesses and stay-at-home orders slammed what had been a very healthy labor market hard. The economy added jobs for 113 straight weeks through February, a record streak of growth. The unemployment rate was 3.5 percent in February. And yet job creation was running very hot, with the economy adding an average of 211,000 new jobs each month.

 

The government has undertaken unprecedented efforts to support employment and provide aid to those who have lost their jobs. Around 150 million taxpayers received stimulus payments of up to $1200 for adults in their household plus additional amounts for children. The Treasury’s Paycheck Protection Program is backing $669 billion of loans to small businesses that can be forgiven if borrowers do not lay off workers. The federal government has been providing an additional $600 on top of state unemployment benefits, paying some Americans more than they earned on the job.

 

Recent data suggest the labor market has been stabilizing and is now improving. The number of people applying for unemployment benefits has declined every week since hitting a record high 6.8 million in March. Last week, this number fell to around 1.8 million. Over 40 million new claims have been made for unemployment since the wave but ongoing claims are just over 20 million, indicating many Americans have been rehired after losing jobs.

 

 

 

VIMTSTL
Honored Social Butterfly

   hilarious, as that information was proved false...days ago.   All it proves, imo, is that the RW will repeat a lie because they are afraid of the real facts about the economy.   From the FED - page 6:   https://www.bls.gov/news.release/pdf/empsit.pdf

PRO-LIFE is Affordable Healthcare for ALL .
Honored Social Butterfly

  • The unemployment rate fell to 13.3% in May, according to a Bureau of Labor Statistics report on Friday. 
  • The agency admitted the real unemployment rate likely exceeds 16%.
  • That’s due an error in how furloughed workers were treated in the data sample. April’s unemployment rate would have been nearly 20% absent that same error. 

CNBC

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Honored Social Butterfly

Yes indeed, they are starting to clean up this month's Trump Train Wreck. 

Honored Social Butterfly

Oops!  😂

 

 

 
The May jobs report had 'misclassification error' that made the unemployment rate look lower than it is. Here's what happened

When the U.S. government's official jobs report for May came out on Friday, it included a note at the bottom saying there had been a major "error" and the unemployment rate likely should be higher than the widely report 13.3 percent rate.

The special note said that if this misclassification error had not occurred, the "overall unemployment rate would have been about 3 percentage points higher than reported," meaning the unemployment rate would be about 16.3 percent for May.

https://www.stamfordadvocate.com/business/article/The-May-jobs-report-had-misclassification-error-15...

Honored Social Butterfly

I'm certain the Corporate Oligarchs and Hedge Fund managers are elated, and over two weeks, it ONLY COST 180.000 new infections and 1,500 DEAD AMERICANS to achieve what Toad Worshipers think is good news.

Honored Social Butterfly

 

 

Jim Cramer gives Trump credit…

 

CNBC's Jim Cramer and the "Squawk on the Street" crew discuss how the May jobs report shows the markets had a better read on the economy than many thought. Following a “superb” jobs report, Jim Cramer said hedge funds managers who made big bearish predictions about what the coronavirus pandemic would do to the market and economy were wrong.

 

And the relentless higher price action that many doubted was right. “The market got it right,” CNBC’s Cramer said on “Squawk on the Street” on Friday. “The big hedge fund guys who told us that this was going to be the highest and worst and most dangerous since 1999, well they made an ill-advised prediction.”

 

Stocks soared Friday on news the U.S. added 2.5 million jobs in May, the biggest increase on record, demonstrating the economy has already started to recover from the coronavirus crisis. The unemployment rate declined to 13.3%, according to Labor Department data that was far better than economists had been expecting.

 

Numerous big-name hedge fund managers have been skeptical of the stock market’s swift bounce back from its March low, arguing equity levels weren’t pricing in the horrible economic data yet to come and the uphill battle of developing a cure for Covid-19. “There were so many people who thought we had to retest the bottom,” said Cramer.

 

Billionaire hedge fund investor David Tepper told CNBC in May the stock market is one of the most overpriced he’s ever seen, only behind 1999. Hedge fund manager Stanley Druckenmiller said in May “the risk-reward for equity is maybe as bad as I’ve seen it in my career.” At one point in March, Pershing Square’s Bill Ackman said, “hell is coming” and that hotel stocks could go to zero, before going long as lockdowns were implemented by states. Cramer, instead, is listening to the CEOs of beaten down industries for guidance on where the market is headed.

 

Cramer said they are seeing “pent up demand.” “People want to travel,” said Cramer. “If people want to shop and people want to fly, and they’re going to get that opportunity as we open, it will take only a second wave of the pandemic that can slow this things down.” The Dow surged more than 700 points Friday morning. The S&P 500 is now up more than 44% from its March low.

 

 

 

VIMTSTL
Honored Social Butterfly

Isn't it incredible how Trump Cult members praises their idol and hero in the White House for any positive news, even though he did nothing?

 

Let's assume for a moment, that 2.5 million number is accurate. All the experts state those were people who were furloughed (not fired) and they returned to work when their small business re-opened. 

 

What in the world does the above have to do with Trump? Did he personally take those people off  their furloughs? I'm LOL.

 

When those 2.5 million were furloughed, did his cult members blame Trump? Of course not, they blamed the Corona Virus. But when the news is positive, they can't wait to praise their Supreme Leader.

Honored Social Butterfly

very true Ceetee! Once again their true colors shine through. With Trump its all about the economy and little else. They care about nothing otherwise , never mind he completely and totally botched his covid 19 response. An utter failure! Nope, its all about the economy! Sad.
Honored Social Butterfly

Did you ever imagine we would have a POTUS who bragged about a 13% unemployement rate?

Social Butterfly

@Richva  After what our economy has just gone through and still hasn't completely recovered, yeah I think he has something to brag about! What amazes me is that you all refuse to admit that.

You can lead a Liberal to knowledge, but you can't make'em THINK! 😞
Trump 2020!!!
Honored Social Butterfly


@sunluvngal wrote:

@Richva  After what our economy has just gone through and still hasn't completely recovered, yeah I think he has something to brag about! What amazes me is that you all refuse to admit that.

 

You are wrong again...CeeTee wrote, "This is good news, but it doesn't jive with the massive numbers of Americans who recently filed for unemployment insurance in May."  And several posters agreed...wanna bet on the downward adjustment numbers coming soon to a theater near you?


 


"FAKE 45 #illegitimate" read a sign at the Woman's March in DC, 1/27/2017
Honored Social Butterfly

And several posters agreed...wanna bet on the downward adjustment numbers coming soon to a theater near you?

 

Several posters suggested that unemployment would soar if Sleepy Joe were to be elected.  Don't worry, there's no chance of him being elected!

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@NOTHAPPENING wrote:

And several posters agreed...wanna bet on the downward adjustment numbers coming soon to a theater near you?

 

Several posters suggested that unemployment would soar if Sleepy Joe were to be elected.  Don't worry, there's no chance of him being elected!


Yet ALL national polls clearly indicate otherwise.

 

And now, with even Republicans turning against Trump with numerous Republican anti-Trump created and funded PACs, Biden's election is even more certain!

 

 

DUMP TRUMP AND DITCH MITCH TO MAKE AMERICA GREAT AGAIN!!!
Honored Social Butterfly

Wouldn’t celebrate just yet:

Are the unemployment numbers accurate?

Are those reemployed because of subsidies to businesses, which will run out?

Corporations are cutting and laying off

workers. 

There is consumer fear in returning to businesses because of trump’s failure in dealing with the virus. 
How many businesses can survive on 25-50% of their former business?

How many people will be laid off from government employment on all levels, due to budget cuts, which certainly trump does not seem inclined to help or support. 
...What will trump supporters congratulate trump on if unemployment increases? Or just, as usual, blame it on something else!

 

trump lies, deserves no credit

Honored Social Butterfly

Exactly,  what did people expected?
As soon as the country started opening, many went back to their jobs. they didn't disapeared  into thin air. So of course many people started working where they left off.
But many jobs especially the small business  unfortunately will not survive. and that will become a fact in the months to come.

no name
Honored Social Butterfly

America will be great again, when Trump is defeated in 2020!!
Honored Social Butterfly

LOL!

 

I guess all the so called "Experts" that had their hair on fire were wrong...  Again.  

 

Thank you President Trump for your optimism and persistence.  Makes me wonder if the previous 4 Presidents were even trying.  Great Job!!

 

 

 

 

VIMTSTL
Honored Social Butterfly


@jimc91 wrote:

LOL!

 

I guess all the so called "Experts" that had their hair on fire were wrong...  Again.  

 

Thank you President Trump for your optimism and persistence.  Makes me wonder if the previous 4 Presidents were even trying.  Great Job!!

 

 

 

 


The previous President, President Obama, provided Trump the coat tails he rode on.

 

A highly successful robust economy was handed to Trump .... and he managed to destroy it just like the businesses in his 7 bankruptcies!

 

 

DUMP TRUMP AND DITCH MITCH TO MAKE AMERICA GREAT AGAIN!!!
Honored Social Butterfly

This is good news, but it doesn't jive with the massive numbers of Americans who recently filed for unemployment insurance in May. I watched several experts state they were baffled by these figures because of the large number of unemployment applications last month, so they suspect something is wrong. 

 

But even if the numbers are correct, it isn't time to celebrate. The unemployment rate is a staggering 13.3%

Honored Social Butterfly


@CriticalThinking wrote:

This is good news, but it doesn't jive with the massive numbers of Americans who recently filed for unemployment insurance in May. I watched several experts state they were baffled by these figures because of the large number of unemployment applications last month, so they suspect something is wrong. 

 

But even if the numbers are correct, it isn't time to celebrate. The unemployment rate is a staggering 13.3%


Right you are, CeeTee!  The GOP sure aren't celebrating the FACT that black unemployment is at 16.8% and the Hispanic unemployment rate is at 17.6%.  The "good" news is, as is usually the case", for....

picture1.jpg


"FAKE 45 #illegitimate" read a sign at the Woman's March in DC, 1/27/2017
Honored Social Butterfly

Racists Democrats!

Honored Social Butterfly


@NOTHAPPENING wrote:

Racists Democrats!


An off topic, unwarranted, unsubstantiated  bogus accusation.

 

BTW .... Please recall that it was Republicans who said nothing (looking the other way) when Trump told Congressional women of color to "go back to your own countries" and referred to African nations as "excrement hole countries" !

 

 

DUMP TRUMP AND DITCH MITCH TO MAKE AMERICA GREAT AGAIN!!!
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