We still have a long way to go, but this is a damn good start. Not Because we added 2.5 Million jobs after putting a historic number of people out of work, but because the “experts” predicted terrible numbers and we got the opposite.
Nonfarm payroll employment increased by 2.5 million in May, and the unemployment rate declined by 1.4 percentage points to 13.3 percent. These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it.
In May, employment rose in several major industry sectors, with the largest gains in leisure and hospitality, construction, education and health services, and retail trade. By contrast, employment in government continued to decline sharply.
As states reopen, these numbers will improve, and that’s always going to be good news, but how good can it get? We have no idea how many small businesses closed for good, and all those jobs need to find a home because there’s is gone.
Yes, the 2.5 million number is a historical first, but then so were the unemployment numbers that made it possible, thanks to the political reaction to Wuhan and governors clamping down on all activity.
Some states will recover better and faster than others. New Hampshire, for example, had a labor shortage. I think that “problem” was resolved, but we won’t know until we get back to work and see where that takes us. We were the most robust economy in the Northeast before COVID19 came calling, and if Gov. Sununu can get the hell out of our way, I suspect, we can get back there – though not if the Democrats have their way and pile a 12.5% tax on small businesses.
We need to work the email and the phones and get that hike kneecapped and pushed back a year or so at least. Now is not the time to raise taxes; it is time to cut spending. Give the revenue engine a chance to idle and get back to speed.
While we wait, the Left and their Pravda pundits predicted doom and gloom, and we got the opposite, and the perception is worth ten times the actual value.
So, smile. The world is against us, and somehow, we keep scratching out wins, and it pisses them off.