Senate Minority Leader urged Americans to avoid a “victory lap” over Friday’s historic jobs report; calling the addition of 2.5 million new positions neither “joyous or stupendous.”
“With nearly 20M people out of work and unemployment among African Americans increasing, now’s not the time to be complacent or take a victory lap. President Trump: 13% unemployment is not ‘joyous’ or ‘stupendous’. Senate GOP must stop sitting on their hands. We need to act!” posted Schumer on social media.
The US economy added more than 2.5 million jobs in May and the unemployment rate fell to 13.3%; showing new signs of strength as hundreds of thousands of businesses slowly re-open following the Coronavirus shutdown.
“Employment stunningly rose by 2.5 million in May and the jobless rate declined to 13.3%, according to data Friday from the Labor Department that was far better than economists had been expecting and indicated that an economic turnaround could be close at hand,” reports CNBC.
“Economists surveyed by Dow Jones had been expecting payrolls to drop by 8.33 million and the unemployment rate to rise to 19.5% from April’s 14.7%. If Wall Street expectations had been accurate, it would have been the worst figure since the Great Depression,” adds the website.
“It seems the damage from the nationwide lockdown was not as severe or as lasting as we feared a month ago,” said Scott Clemons, chief investment strategist at Brown Brothers Harriman