US economy is recovering from Corona: 2.5 million increase in jobs • Unemployment strikes mainly in African American population • The Washington Post chills enthusiasm: "The report - Trump's spin"

• "The Great Comeback in History." Wall Street

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 "The Great Comeback in American History" - That's how US President Donald Trump defined the May Employment Report, which beat all projections when it saw the sharpest increase in jobs ever - 2.5 million. 

According to the report released Tuesday, the unemployment rate dropped to 13.3% compared to 14.7% in April. This is unimaginable figures against the earlier forecasts: Wall Street predicted jobs to fall by 8.5 million - ie 11 million The actual figures - and the unemployment rate will jump to 20% - almost 7% more than the official figures.   

Following the surprising data, on the last trading day, the US Stock Exchange registered a leap that has not been seen for a long time. The Dow Jones rose by more than 800 points (3.15%), the Nasdaq again traded at all-time highs, and the S&P soared 2.6%. American Airlines completed a more than 50% jump in two days after Announcing its intention to resume flights, albeit at a lower volume compared to the pre-Corona period, the banking sector rose by more than 6%.

Victory for Government

Successful employment figures are a victory for the Trump administration, especially the PPP program that conceived and prevented mass layoffs. The plan includes exemptions for small business owners from repaying state loans, provided they continue to pay their employees salaries during the Corona period. At the same time, the number of unemployed persons in the workforce is still high at 21 million people, and while unemployment is dramatically lower than expected, it is still the highest in 80 years. 

Returning to the employment market also largely missed the African-American community, where unemployment remained very high, close to 17%, compared to only 3.4% before the Corona.

After the report was released, Trump promised that the US economy would continue to "leap" after the corona, that last quarter of October (October-December) would be "spectacular" and that 2021 would be "one of the best years in American economic history." At the beginning of a long period of growth, we will not stop here is just the beginning. " 

The apology's apology

Parts of the U.S. media, those hostile to Trump, have been trying to dwarf the impressive achievement for the upcoming presidential election. For example, the Washington Post, controlled by Amazon founder Jeff Bezos, posted an incorrect tweet and article stating that unemployment is close to 20% - contrary, of course, to official figures. A short while later, the tweet was deleted and the Post made an apology, but then released another unpublished article stating that "Trump generates a spin on a good employment report to create a false impression that everything is good." 

It's about distorting economic reality through a particularly ironic post, Given that Twitter is relying on Bezos' newspaper to "fact check" Trump's tweets and label them as "Pike News." It would have been good if the "truth-seekers" in the Post had taken care to "fact-check" themselves first.