The White House is trying to take advantage of the latest job numbers, arguing that they point to a strong economic recovery below this. President TrumpDonald John TrumpBiden says his faith is the ‘foundation of my life’ following Trump’s claim of life-aid talks as parties dig, blame Ohio governors for negative tests on second MM coronavirus test MORE although millions remain unemployed and states accumulate with increasing coronavirus infections.
figures released by the Department of Labor on Friday exceeded Wall Street expectations, recording 1.8 million jobs created during July and a drop in the unemployment rate to 10.2 percent at a time when southern and western states were forced to halt or roll out their plans of reopening.
But the data nevertheless point to an economic slowdown, challenging the White House forecasts for a speedy V-shaped recovery. failed talks between the Trump administration and Democratic leaders on a coronavirus relief package that economists say is much needed to prevent a deeper recession.
“This is not a rocket ship,” said Martha Gimbel, senior research manager at Schmidt Futures. “It is really unclear whether the economy will reach the speed of escape before the lack of government spending collapses or before … we have to shut down again, which is a total possibility.”
White House Economic Advisor Larry KudlowLarry KudlowMORE SHUM, who held cable news meetings Friday morning, said the numbers showed a “self-sustaining recovery” and predicted the United States would see unemployment in single digits in the autumn months.
“Concerns that some partial closures or some pause closures will destroy job numbers were not made out. I think this shows signs of strength,” Kudlow told Fox Business.
Labor earnings in July were well below the 2.7 million recovered in May and 4.8 million recovered in June, predicting an increase in coronavirus cases would weaken the economy.
Meanwhile, last month’s unemployment rate was a reminder of the depths of the Great Recession, when unemployment reached 10 percent in October 2009. By February, it was 3.5 percent.
Economic analysts say that despite the job ratio, the need for additional fiscal stimulus remains. Many point to an extension of the expanded unemployment benefits and additional assistance to states as necessary steps to graze the economy through recovery until a coronavirus vaccine is available.
“This number of jobs does not change the undeniable need for additional federal support,” said Isaac Boltansky, director of policy research at investment bank Compass Point Research & Trading.
However, many conservatives disagree.
Stephen MooreStephen MooreTrump Considering Executive Order to Restore Increased Unemployment Benefits Trump Says He Considers Executive Action to Suspend Evictions, Payroll Tax: Democratic Leaders Report ‘Some Progress’ in Stimulus Talks | Prosecutors mean investigation into possibly widespread and protracted criminal behavior in the Trump Organization, a conservative economist and informal adviser to Trump, argued that the data show that a multi-trillion-dollar stimulus package is unnecessary because the economy is not in the “free fall” as it was earlier this year.
“It was a good number, not a big number,” Moore said Friday.
Trump is now preparing for possible executive action to pass economic measures lacking a last-minute deal on Capitol Hill with Democrats.
Secretary of the Treasury Steven MnuchinSteven Terner MnuchinCoronavirus talks about life support as parties dig, blame money: Pessimism rises as coronavirus talks go downhill | Work report ready to catch fire under COVID-19 talks | Taxpayers warn that unemployment recipients may owe money to IRS Senior Democrats say postmaster confirms changes to postal service amid delays More, one of Trump’s two top negotiators, told reporters after Friday’s meeting with Democrats that he and the White House Chief of Staff St. MeadowsMark Randall MeadowsCoronavirus talks on life support as parties dig, blame money: Pessimism rises as coronavirus talks go down the drain | Work report ready to catch fire under COVID-19 talks | Taxpayers warn that unemployment recipients may owe money to IRS Senior Democrats say postmaster confirms changes to postal service amid delays would recommend Trump move forward with some executive orders over the weekend regarding increased unemployment benefits, rental foreclosures and student loans. Trump is also weighing in on an executive order to postpone the payroll tax.
“Despite the fact that we had a very good number of jobs this morning, there are still a lot of people who are out of work through no fault of their own because of this coronavirus,” Mnuchin said.
The economy has been a major focus of Trump’s field for re-election. The pandemic has forced business closures and devastated the economy, forcing Trump to change his message to voters.
The president and his campaign have focused on the strength of the US pre-coronavirus economy and tried to make his trade and deregistration policy enable a quick response.
In a speech in Ohio Thursday, Trump gave a broad outline of what his second-term economic agenda will look like, such as job returns and overseas supply chains.
“We closed it; we saved millions of lives. But now we’re opening it, and it looks like I was right about ‘V’ because you see the kind of numbers coming in, and they’re coming in force,” Trump said. told the crowd at a Whirlpool factory in Clyde on Thursday afternoon.
Trump, who is at his golf club in Bedminster, NJ, celebrated Friday’s job numbers in a pair of tweets, but not to the level he heralded profits from previous months. The president organized print appearances to suppress record-breaking job growth from May and June, when states began reopening plans that many public health officials considered too soon and too soon.
Trump has leaned on his economic agenda recently as polls show he is dragging out the supposed Democrat candidate Joe BidenJoe BidenBiden says his faith is the ‘foundation of my life’ as Trump’s claim Biden clarifies comments comparing African-American and Latin American communities Kanye West may have missed the deadline to vote in Wisconsin by minutes: report on many nationwide and in battle states. The same polls tend to show that while Trump is the preferred candidate for tackling the economy, Biden leads on other issues like race relations and coronavirus.
The Trump campaign quickly caught the best numbers predicted by Friday and accused Biden of tax and environmental policy embraces that would trigger “job killing regulations.”
“The basic choice for voters is between the fantastic record of President Trump, who built the best economy in the world once and is doing it again, and Joe Biden, whose economic record is terrible and whose plans for it the future is disastrous, “said Trump campaign communications director Tim Murtaugh.
In his statement, Biden focused on the 16 million Americans still unemployed and argued that the US is in a “deeper economic hole than we should be because of Donald Trump’s historic failure to respond to the pandemic.”