Instead of an unemployment rate topping 20 percent as had been held out as a possibility by economic experts and senior Trump Administration officials, the latest jobs report shows the U.S. economy bouncing back a little, as states loosened restrictions from the Coronavirus, with the jobless rate dropping to 13.3 percent.
"These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic
and efforts to contain it," the report stated.
At the White House, President Trump reveled in the job gains.
"It’s a stupendous number. It’s joyous, let’s call it like it is," the President wrote on Twitter. "The Market was right. It’s stunning!"
Jobs data in May showed sharp job gains in construction, retail trade, leisure, education, and health care, as the unemployment rate retreated from a historic high of 14.7 percent in April.
Republicans in Congress joined President Trump in hailing the new job figures.
"We’ve still got a ways to go but the Great American Comeback is underway!" said Rep. Buddy Carter (R-GA).
"Not only are we going to bounce back, in many ways it may be even better than before," said Rep. Rick Crawford (R-AR).
"America is on a HUGE comeback in record time," said Rep. Roger Marshall (R-KS).
"The Great American Comeback is starting!" said House GOP Leader Kevin McCarthy.
The jobs report though also showed the level of upheaval within the job market, as over 6 million more Americans are working part-time right now, even though they would rather have a full-time job.
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