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President Donald Trump has repeatedly predicted that the U.S. economy will bounce back quickly from the lockdown imposed by the virus imported from Wuhan, China, but even he may be surprised by the latest job numbers.
As reported on Friday, there was a job increase of 2.5 million in May, the biggest jobs increase ever as the country starts the recovery effort from coronavirus.
Take it from CNBC’s Jim Cramer, who heralded May jobs report as “superb.”
“It’s a stupendous number. It’s superb,” Cramer said, as the Dow Futures jumped 600 points.
“Many people thought this was going to be the historic beginning of the depression,” he noted.
Cramer noted that many observers believed the unemployment number would climb to 20 percent, instead of dropping to 13.3.
“The fact is that we’re back,” he added. “I think there were a lot of people felt that the layoffs would be permanent. It’s obvious there’s so much demand that people have to bring people back.”
President Trump said Friday morning, “We’re opening with a bang.”
— ABC News (@ABC) June 5, 2020
“We’ve been talking about a V. This is a rocket ship,” the president said. “This is far better than a V.”
Trump suggests that George Floyd would be happy about the jobs numbers: "Hopefully, George is looking down right now in saying this is a great thing happening for our country. A great day for him, a great day for everybody."
— Peter Baker (@peterbakernyt) June 5, 2020
Looking to avoid politics, Cramer said, “This is a great number for Republicans, it’s a great number for Democrats. A great number for the country.”
After describing the results as “joyous,” the former hedge fund manager said that this is a clear sign that the American people are ready to reclaim their lives.
“America wants to do things,” Cramer said. “And employers are not only just ready to hire people back, but they want the country to open. This desire by the government to have nonessential and essential doesn’t jive with what the business community wants and these rallies that we are seeing are right.”
And while Cramer said he didn’t want to get political, he did in dismissing the reality of the numbers being celebrated by Trump supporters, while suggesting that Speaker Nancy Pelosi is just as pleased.
“I know it’s an election year and you say it’s stunning — that’s going to be picked up by people, there’s nothing you can do. A stunning number is a stunning number — Nancy Pelosi, I think she would be equally as gratified that these numbers are where they are versus where she felt they might be.”
Right on cue, Rep. Jim Jordan, D-Ohio, took to Twitter to tout: “The Great American Comeback.”
The Great American Comeback! https://t.co/lPfTDzE4AV
— Rep. Jim Jordan (@Jim_Jordan) June 5, 2020
Fox News Chief White House Correspondent John Roberts suggested in a tweet that according to small business owners he has spoken to, the U.S. economy is “poised for a dramatic snapback.”
If the surprising jobs numbers reported today (adding 2.5 million jobs) are any indication, the economy may be poised for a dramatic snapback as America reopens,” he said in a tweet. “While much of the economy still lags, I have talked to some small business owners who say they are setting records.”
If the surprising jobs numbers reported today (adding 2.5 million jobs) is any indication, the economy may be poised for a dramatic snapback as America reopens. While much of the economy still lags, I have talked to some small business owners who say they are setting records
— John Roberts (@johnrobertsFox) June 5, 2020
With Democrats and their media enablers in full-on assault mode, attacking Trump at every turn, the American people see results. Historic results.
— Feisty☀️Floridian (@Feisty_FL) June 5, 2020
Here’s a sampling of other responses to the much needed good news from Twitter:
America is roaring back
Monster jobs numbers
“Forecasters” projected 7.5 million job losses in May; instead, 2.5 million were added.
Historic: greatest number of jobs created in a single month ever recorded (September 1983 is the next closest with 1.1 million jobs created.)🇺🇸 https://t.co/xebkRE5rYJ
— Kellyanne Conway (@KellyannePolls) June 5, 2020
The United States ADDED 2.5 million jobs in May against expectations of losing over 8 million.
The unemployment rate comes in at 13.3% (expectations of 20%, last month 14.7%)
I'm not sure how that's possible given the weekly and continuing claims, but wow.
— Josh Jordan (@NumbersMuncher) June 5, 2020
LOL. The job numbers are so good the media is back to pushing the virus.
— thebradfordfile™ (@thebradfordfile) June 5, 2020
Wow. Job numbers are fantastic.
— Jonah Goldberg (@JonahDispatch) June 5, 2020
— Boris Epshteyn (@BorisEP) June 5, 2020