Trump Announces Surprise News Conference After Shocking Jobs Report

Daniel Fowler
June 5, 2020

The unemployment rate in the U.S. improved unexpectedly last month raising hopes that economic damage tied to the pandemic will be less harmful than feared.

President Donald Trump is expected to speak about the latest US unemployment numbers at the White House June 5 ahead of a trip to Maine.

President Donald Trump said Friday "we're bringing our jobs back" as he held a news conference to tout May's surprising jobless numbers out about two hours earlier - the unemployment rate declining to 13.3 percent - not rising to near 20 percent that even one of his own economists had predicted.

The increase in the unemployment rate came as more people started looking for work. The Market was right. "The near-20m payrolls fall since February, and near quadrupling of the unemployment rate from 3.5pc surpasses anything from the Volcker rate-tightening of the late 1970s/early 80s, and chimes with earlier estimates of 25pc in the 1930s".

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The Dow Jones Industrial Average rose 554.98 points, or 2.11 percent, at the open to 26,836.80.

Many businesses had also reopened by mid-May.

Trump said the US economic recovery will accelerate as states hard hit by the pandemic, including NY and New Jersey, allow business to resume.

These attitudes were reinforced by payroll data released on Wednesday, which showed signs of stabilization in the domestic labor market after the ADP National Employment Report said private employers laid off another 2.76 million workers, fewer than an expected 9 million job losses.

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