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June 15, 2020

REPORT: Economy Showing Signs of ‘V-Shaped’ Recovery

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Last month’s jobs report showed the economy created a stunningly spectacular 2.5 million jobs in May, the largest one-month gain in U.S. history. It’s a clear sign that President Trump’s leadership of the economy during the global pandemic is delivering results.

With President Trump in the White House, the Great American Comeback is just getting started. A new report from The Wall Street Journal confirms “signs of a V-shaped early-stage economic recovery” in consumer spending data, retail, and other key indicators:

The first stage of the recovery looks V-shaped. After bottoming out in April, economic activity has continued to rise into early June, recapturing some of the collapse that occurred when most of the country locked down to contain the spread of Covid-19, according to a range of private data…

Meanwhile, week-to-week patterns point to continued growth into early June. Department store sales in the week ended June 10 were actually above year-earlier levels, according to Facteus, which analyzes transactions by 16 million debit and credit card holders for banks. Grocery, discount, variety and general-merchandise store sales all recorded sales above year-ago levels. Restaurants and hotels were still down from a year earlier but not by nearly as much as in April.

This is the scenario that Joe Biden and the Democrats have been dreading. They were hoping for a slow, L-shaped recovery, but that “now looks remote,” according to the Journal. Experts are increasingly optimistic in forecasting a huge economic bounce back. “The economy is going to rocket higher and higher in the summer months,” White House economic adviser Larry Kudlow explained this morning. “Weekly unemployment claims, a crucial leading indicator, have fallen 10 consecutive weeks.”

Joe Biden has lost the economic argument to President Trump, who is working around the clock to get Americans back to work and the economy roaring back to life. President Trump is right: the only thing that can get in the way of the Great American Comeback is Joe Biden’s agenda to massively raise taxes and sacrifice blue-collar jobs in the name of his extreme climate agenda.

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