CNBC is reporting the following today:
Employment stunningly rose by 2.5 million in May and the jobless rate declined to 13.3%, according to data Friday from the Labor Department that was far better than economists had been expecting and indicated that an economic turnaround could be close at hand.
Economists surveyed by Dow Jones had been expecting payrolls to drop by 8.33 million and the unemployment rate to rise to 19.5% from April’s 14.7%. If Wall Street expectations had been accurate, it would have been the worst figure since the Great Depression.
As it turned out, May’s numbers showed the U.S. may well be on the road to recovery after its fastest plunge in history.
Experts are shocked. The mainstream media is disappointed. The Democrats are disheartened.
The workforce participation rate for May was 60.8. In April, it was 60.2. In March, it was 62.7, and in February it was 63.4. You can see the impact of the shutdown in that rate, and you can also see the hope for the future in that rate.
The current riots will not help anyone. However, oddly enough, where people choose to rebuild when the riots end, there will be jobs. Hopefully those jobs will go to the people in the neighborhood (who generally are not responsible for the rioting and looting). We will recover from the shutdown and the riots. Hopefully it will happen more quickly than the experts seem willing to believe.