I kept saying that the Trump economy was strong and that people were losing it over the short-term coronavirus pandemic. Let me explain.
Pres. Trump’s booming economy took almost three years to materialize, but it was strong. The pandemic was not economy based, so the bounce back to success shouldn’t take years.
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According to the Wall Street Journal [2], the nation’s unemployment rate declined from 14.7% to 13.3% in May, and employers added 2.5 million jobs.
Many economists expected millions more to have lost their jobs heading into Friday, and they feared the unemployment rate might crack 20%, per the AP [3]. The skinny is that the job market is starting to stabilize after months of turmoil, though the George Floyd protests have added yet another setback for employers, notes the Journal.
More generally, many economists expect the unemployment rate to remain above 10% for the remainder of the year. If you are surprised when you are not speaking with manufacturers, we supply manufactures raw materials, and these numbers follow what they have been saying since April, in that May will be and is much better than April. June will be the first full month of manufacturing.
The only reason this was’ unexpected’ is that so-called ‘experts’ are not so bright and, most of the time, can’t connect the dots.
It’s no shock, it’s expected as people go back to their regular jobs. it’s after the unemployment runs out all the people that refused to go back to work will be complaining that they don’t have any money to pay bills and they can’t get their job back. I’m sure a lot of people that are making two to three times as much on unemployment aren’t saving any money for the future.
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As the reopening continues, many who lost their jobs will be rehired or hired elsewhere. Expect this to continue as the nation reopens. This is precisely why the media/modern leftists were pushing so hard against the reopening.
Does this mean that the market gains aren’t proof it is disconnected from reality but an excellent forward-looking indicator?
Sorry, all you doom and gloomers who didn’t believe the market rally, but your pessimism is looking out of place.
Don’t get me wrong there are still problems, but the idea the world is ending, and this is the next great depression looking like more pessimism and hopeful wishing by people who want failure for political reasons that reality.
This piece was written by Wayne Dupree on June 5, 2020. It originally appeared in WayneDupree.com [5] and is used by permission.