Posted on 06/10/2020 1:06:22 PM PDT by SeekAndFind
WASHINGTON—The U.S. labor market made a stunning comeback in May, beating expectations by 10 million jobs. As states begin to reopen, business owners are turning more optimistic about the future, signaling that the pandemic-induced recession may be short-lived.
The U.S. economy added 2.5 million jobs last month as states started to ease lockdown restrictions. The strong employment numbers shocked economists who had forecast nearly 8 million job losses in May.
The jobless rate dropped from 14.7 percent in April to 13.3 percent, well below the consensus estimate of nearly 20 percent. The significant upswing in employment suggests that the U.S. economy turned a corner much faster than expected.
Brett Ryan, senior U.S. economist at Deutsche Bank said it would take several months to understand the underlying strength of the rebound.
“In our view, the unexpected bounce in employment may reflect rehiring ahead of planned reopenings within states that was not quite captured in the initial jobless claims data,” he said in a report.
“The May payroll figure was what we would have expected for June. It will take several more months of data (and revisions) to get a better sense of the underlying pace of the labor recovery,” he noted.
The coronavirus relief package may also have protected jobs, particularly the Paycheck Protection Program, which encourages companies to keep their employees on the payroll in return for the forgivable loans.
Meanwhile, small business optimism is rebounding as states gradually lift their stay-at-home orders, according to the National Federation of Independent Business (NFIB). The optimism index tracked by the NFIB rose 3.5 points in May, reversing much of the decline in April.
Small businesses are eager to get back to work, planning to hire workers, and even planning to invest, according to the NFIB survey.
(Excerpt) Read more at theepochtimes.com ...
We’re opening back up.....F You, Fauci!
God bless America, and Archbishop Vigano.
You had to bring people back on in order to get the loan forgiveness on PPP.
I’ve thought about getting a part-time job but:
A: It’s been so long since I had a job. Do they still use papyrus in offices?
B: It would seriously cut into my goofing off time.
C: I would quit as soon as Iowa winter came around again. I’ve been known to stay in the house 10 days straight when the snow hits. I’m too old for this crap.
“The May payroll figure was what we would have expected for June
I imagine June’s numbers will be great then too.
that’s awesome
Boy, was I wrong. That Subaru dealership was jammed with customers, all looking for a deal as well. The rep I dealt with told me he was having the best month of his career and he's been doing this over 20 years. Many customers were using the stimulus money for their down payments and getting 0% interest loans.
That's just one example. I'm a Amazon Prime customer but it's been months since I got anything in two days. It's more like a week to get anything delivered from Amazon, despite the fact they hired 200,000 additional employees over the past three months.
Contrary to what the alarmists are telling us, we are consuming no less than we did before the chinese virus. What the restaurants lost, the supermarkets gained. What the theaters lost, the pay-per-views at home gained. And so on.
Even those who lost their jobs are getting $600 a week in stimulus on top of their regular unemployments checks. It's such an absurd situation that my retired wife was pulled back into working for her old employer because none of the employees they furloughed wanted to come back to work (and give up that $600 a week bonus). She's working two jobs now and she's supposed to be retired!
Except soon what business would employ a recent graduate from a California university that scrapped the ACT and other merit evaluations for admission and subsequent graduation?
Liberal bed wetting tonight!
Not if you’re any related to the airline or aerospace industry. Best manufacturing market place for years, and should have been for years to come, now in the tank for good while.
“God bless America, and Archbishop Vigano.” Ditto. In God we trust.
Disgusting! Why would anyone want to swallow someone else’s bodily fluids? Would you drink a glass of someone’s tears? Golden showers?
...Amazon Prime customer but it’s been months since I got anything in two days. It’s more like a week to get anything delivered from Amazon, despite the fact they hired 200,000 additional employees over the past three months.
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I do think this is accurate for March-May. But my May 28 orders that arrived June 8 all stated “late due to civil unrest”.
We needed a torsion bar for the old truck. Could only get it from TX and it shipped out of the UPS/FedEx system. It was also delayed a week, officially “due to civil unrest”.
I shipped a commercial order in early May and it took the promised 2 days via UPS.
We bought a used car in April from a small private dealer and got a very good deal due to cash payment.
Real Estate is jumping and has been since March. UHaul in my area is booked weeks ahead.
Tourism in our new home base seems healthy. Supper clubs and resorts are open and last week the county park (Gov keeping state parks closed)was full of unmasked people boating and fishing.
Upscale grocery stores in that area are very well stocked.
It’s figurative.
I wouldn’t lube a rifle with them either.
But it’s fun to say so.
“Cry more, lefites!”
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