Positive Economic News Keeps Rolling In

America is coming back. The June jobs report continues to show promising news with 4.8 million jobs added on top of the 2.7 million added in May.

The May report had to be revised to reflect 190,000 more jobs than first recorded. In two months alone, our country saw a remarkable total of 7.5 million new jobs.

The U.S. was undoubtedly hit hard by the Coronavirus, but our economy had a strong foundation built on President Trump’s policies to fall back on.

With tax cuts, the rollback of regulations, and better trade deals paired with a strong response to the virus, President Trump ushered in a strong economic recovery from the forced shutdown.

With the largest monthly increase in jobs ever recorded, and exceeding expectations from economists, American workers are delivered more good news:

• Nearly 2.1 million leisure and hospitality jobs added
• 740,000 retail jobs added
• 356,000 manufacturing jobs added
• 158,000 construction jobs added.

Americans across the country are ready to get back to work with 80 percent of small businesses open. The jobs report indicated the unemployment rate decreased to 11.1 percent, exceeding yet another expectation set by economists.

The gains our economy is experiencing is a win for people of all backgrounds and communities:

• Hispanic-Americans saw unemployment decrease by 3.1 percent
• The number of women unemployed fell 2.8 percent
• African-Americans had unemployment numbers decrease by 1.4 percent
• Americans without a college degree had decreased unemployment by 3.2 percent.

In addition, African-American employment saw the second-largest gain on record. Employment rose by 404,000 and the number of African-American women employed increased by 267,000.

Bringing jobs back to the U.S. and giving a pathway to those seeking a job has been a priority for President Trump.

In April, a contract was awarded to a Wisconsin shipyard to build Navy frigates. This contract will help to employ thousands of workers and bring our supply chains back home.

Businesses have also started hiring again, one being Denny’s who announced this week they will hire 10,000 restaurant employees by the end of the year.

Some of this news is made possible with forgivable loans from the Paycheck Protection Program (PPP). Notably, this program was created in response to COVID-19 and has been an innovative solution to keeping businesses running and employees on the payroll.

To date, the Small Business Administration has approved 4,798,187 PPP loans totaling $518,855,402,128 to 5,458 lenders.

The Trump Administration continues to listen to the needs of small business owners and work with Congress to pass stimulus packages that work for American families.

At a Thursday morning press briefing, the President said we’re seeing the, “best gains in 20 years at the stock market.”

This is resoundingly true with a report on the S&P 500 index rising 0.5 percent this week and the Dow Jones industrial average posting its strongest quarter since 1987.

Consumer confidence and retail sales are also on the rise with the reopening of the economy. On June 30th, consumer confidence rose to 98.1 and retail sales surging 17.7 percent last month.

The number of pending home sales also set a record high in May at 99.6 and was reported to be the “the highest month-over-month gain in the index since its inception in January 2001.”

President Trump has set an economic agenda that will bring us back stronger than before and is committed to making our country the safest and strongest in the world.