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July 02, 2020

Economy Generates Most Jobs in a Single Month In History, Smashing Expectations and Smashing Last Month's Record Job Creation Numbers

4.8 million jobs created in a single month, easily the biggest one-month jump in history.

Nonfarm payrolls soared by 4.8 million in June and the unemployment rate fell to 11.1% as the U.S. continued its reopening from the coronavirus pandemic, the Labor Department said Thursday.

Economists surveyed by Dow Jones had been expecting a 2.9 million increase and a jobless rate of 12.4%. The report was released a day earlier than usual due to the July Fourth holiday.

The jobs growth marked a big leap from the 2.7 million in May, which was revised up by 190,000. The June total is easily the largest single-month gain in U.S. history.

Trump crowed about the news.

"Our economy is roaring back," Trump declared Thursday, saying the response to the coronavirus pandemic, coordinated with governors, is "working out very well."

He added: "These are historic numbers."

Without naming him, Trump swiped at Biden's plan to raise taxes, stating that doing so would crush the economy. (As it did under eight years of Obama-Biden.)

"These are numbers that are not numbers other presidents would have," Trump said. "The only thing that can kill it is a bad president or a president that wants to raise taxes. You want to raise taxes, this whole thing, your 401Ks will drop down to nothing, and your stock market will drop down to nothing."

Below, Trump discusses the jobs numbers.


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