U.S. Added 1.8M Jobs, Beating Expectations

V-Shape Recovery Still Intact

Posted on Aug 8, 2020

America’s economy is roaring back under the bold leadership of President Trump.

For the third consecutive month, the jobs report exceeded expectations and set new records with a record total of 9.3 million jobs added since May.

There were 1.8 million jobs added in July and unemployment fell to 10.2 percent. Of the 1.8 million jobs: 592,000 were added in hospitality and leisure, 258,000 in retail, and 26,000 in manufacturing.

President Trump’s strong response to the China-originated Coronavirus has helped bring back 40 percent of the jobs lost due to the pandemic.

The V-shaped recovery we’re experiencing is outpacing the bounce back America saw after the Great Recession where 9 million jobs were created over the course of four years.

According to the Washington Examiner:

The existing record for GDP growth is the 16.7% annual rate set in the first quarter of 1950. Several projections expect GDP growth in the third quarter of 2020, which will be announced on Oct. 29, just days before the Nov. 3 election, to eclipse that figure.

S&P Global Ratings projects a 22.2% annualized jump in third-quarter GDP, according to Beth Ann Bovino, the chief U.S. economist at the company.

Americans are ready to get back to work.

Unemployment continued to decrease by 1.1 percent for women, 1.6 percent for Hispanics, 0.8 percent for African Americans, and 1.8 percent for Asian Americans.

Our economy halted at no fault of our own which prompted the Trump Administration to initiate new programs to support workers, small businesses, and families across the country.

With forgivable loans through the Paycheck Protection Program, 51 million American jobs have been saved.

The President has also directed his Administration to support policies that promote growth, slash regulations, and decrease our dependence on other countries for manufactured goods.

This week, President Trump made remarks in Ohio to celebrate the manufacturing of products at Whirlpool and promised to bolster this sector of the economy.

The Trump Administration has prioritized the American workforce and created a pathway to  jobs through education and training programs.

The job isn’t over yet for the Trump Administration who is still working to deliver a vaccine by the end of the year and a strong economy for the American people to return to.