August 07, 2020

9.3 Million Jobs In Three Months

Key Takeaways:

  • The economy added back a blockbuster 1.8 million jobs in July, the third highest one-month gain in U.S. history after the gains in June and May

    • In total, the economy has added back an incredible 9.3 million jobs back over the last three months

  • July saw the fourth largest one-month drop in the unemployment rate in U.S. history, falling by nearly a full percentage point

    • The women’s, Hispanic, Black, Asian American, and veteran’s unemployment rates all fell in July

  • July’s jobs report shows the Great American Comeback is continuing, and President Trump is the man to lead it

    • Joe Biden would be the worst possible person to put in charge of the economy, having presided over the worst recovery since the Great Depression as Vice President

    • The 1.8 million jobs added back in July is more than three times the number of jobs added in the best month of the Joe Biden-led “recovery”

    • In the last three months, the economy has added back 42 percent of the jobs lost due to the coronavirus outbreak – it took two years to gain back the same percentage of jobs during the Biden “recovery”

  • President Trump’s efforts to protect American workers and businesses during the coronavirus epidemic have clearly worked

    • The Paycheck Protection Program has provided more than $521 billion in forgivable loans to over 5 million U.S. businesses, protecting more than 51 million U.S. jobs

    • 158 million Americans have received a total of $265 billion in coronavirus relief payments, helping those Americans who are out of work or struggling

1.8 Million Jobs Were Added Back In July

Nonfarm Payroll Increased By 1.76 Million In July. (Bureau Of Labor Statistics, Accessed 8/7/20)

The Largest One Month Job Gain During The Obama-Biden Administration Was 540,000 In May 2010. (Bureau Of Labor Statistics, Accessed 8/7/20)

Since May, The Economy Has Added Back 9.3 Million Jobs, An Average Of More Than 3 Million Each Month. (Bureau Of Labor Statistics, Accessed 8/7/20)

42 Percent Of The Jobs Lost During The Pandemic Have Now Been Recovered. (Bureau Of Labor Statistics, Accessed 8/7/20; “US Added 1.8 Million Jobs In July; Unemployment Rate Drops To 10.2 Percent,” Associated Press, 8/7/20)

  • It Took Nearly Two Years For The Same Percentage Of Jobs To Return During The Biden-Led “Recovery.” (Bureau Of Labor Statistics, Accessed 8/7/20)

Unemployment Fell Across The Board

The Unemployment Rate Decreased From 11.1 Percent To 10.2 Percent In July. (Bureau Of Labor Statistics, Accessed 8/7/20)

The Adult Women’s Unemployment Rate Decreased From 11.2 Percent To 10.5 Percent In July. (Bureau Of Labor Statistics, Accessed 8/7/20)

The Black Unemployment Rate Decreased From 15.4 To 14.6 Percent In July. (Bureau Of Labor Statistics, Accessed 8/7/20)

The Hispanic Unemployment Rate Decreased From 14.5 Percent To 12.9 Percent In July. (Bureau Of Labor Statistics, Accessed 8/7/20)

The Asian American Unemployment Rate Decreased From 13.8 Percent To 12.0 Percent In July. (Bureau Of Labor Statistics, Accessed 8/7/20)

The Veteran Unemployment Rate Decreased From 8.8 Percent To 8.0 Percent In July. (Bureau Of Labor Statistics, Accessed 8/7/20)

The Jobs Report Beat Expectations Again

Economists’ Forecasts Predicted The Economy Added 1.5 Million Jobs In July And That The Unemployment Rate Would Be 10.5 Percent. “Friday’s employment report is forecast to show a 1.5 million increase in nonfarm payrolls in July, the median estimate in projections ranging from a 600,000 decline to a gain of 3.2 million. … The unemployment rate is projected to fall to 10.5% -- still triple the pre-crisis level -- from 11.1%.”  (Reade Pickert and Maeve Sheehey, “U.S. Jobs Report To Mark Slowdown, Or Worse, In Labor Recovery,” Bloomberg, 8/6/20)

The Trump Administration’s Actions Have Protected American Businesses And Workers

The Paycheck Protection Program Has Provided $521 Billion To Over 5 Million U.S. Businesses, Protecting A Total Of More Than 51 Million Jobs. (“Paycheck Protection Program (PPP) Report,”  U.S. Small Business Administration, 7/31/20; “Paycheck Protection Program (PPP) Report,” Small Business Administration, 6/30/20)

There Has Been A Total Of $265 Billion In Coronavirus Relief Payments To 159 Million Americans. (News Release, “Treasury, IRS Deliver 89.5 Million Economic Impact Payments In First Three Weeks, Release State-By-State Economic Impact Payment Figures,” IRS, 7/17/20)  

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