The July jobs report came out today, and it exceeded Wall Street’s expectations with 1.8 million new payroll jobs. Unemployment dropped to 10.2%. Together with job gains in May and June, 42% of the jobs that were lost in March and April have now been regained.
Democrats have been hoping that COVID shutdowns would cause enough pessimism about the economy to push them to victory in November. That could still happen, but pessimism is becoming a harder sell. My economist friends tell me that this year’s 3rd quarter GDP report will likely show the biggest increase in GDP of any quarter in history. When does that report come out? Oh yeah, October.