This article originally appeared on Fox News on June 6, 2020.
Let the naysayers neigh. President Trump was right all along when he said America’s strong and growing economy would bounce back from the coronavirus pandemic faster than almost anybody expected.
We have a way to go, but we are on our way – unless governors and congressional Democrats more concerned about the next election than American workers can somehow stop the juggernaut.
The latest jobs report shows that the U.S. economy added more than 2.5 million jobs in May, confounding analysts who had predicted a loss of between 7.5 and 8.5 million jobs. This means the U.S. economy outperformed expectations by over 10 million jobs in just one month.
The unemployment rate, meanwhile, fell to 13.3 percent – a full 1.4 percentage point drop, contrary to fears that it could surge to as high as 20 percent.
As significantly, the unemployment rate declined despite the fact that labor participation rate – the percentage of the population working or actively looking for work – increased, as 1.75 million people joined or rejoined the workforce.
While the surge of job creation is directly attributable to the gradual lifting of stay-at-home orders by various states and localities, the torrential pace of the recovery – especially at such an early stage – is also a product of the underlying economic strength we built up before the novel coronavirus reached our shores.
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