President Donald Trump has predicted that the US economy will recover by 2021, citing new jobs data released by the Labor Department which contains a “misclassification error.” Officials say the numbers are artificially low, and Federal Reserve Chairman Jerome Powell and several economists have voiced their concerns.
Trump Thinks US Economy Will Recover Next Year
The U.S. is facing a severe economic crisis with record-high unemployment, fueled by the coronavirus pandemic. However, the Department of Labor released its May jobs report Friday showing a drop in the jobless rate from 14.7% in April to 13.3%. After a record plunge of 20.687 million in April, the official data show that nonfarm payrolls increased by 2.509 million jobs. Economists had predicted about 20% unemployment for May.
President Donald Trump immediately celebrated the better-than-expected data. “We’re bringing our jobs back,” he said at a news conference at the White House. “I think we’re actually going to be back higher next year … The numbers are great. And this leads us into a long period of growth. We’ll go back to having the greatest economy anywhere in the world, nowhere close I think we’re going to have a great few upcoming months.” Trump asserted:
Next year is going to be one of the best years we’ve ever had economically.
President Trump has been counting on a strong U.S. economy to bolster his chances of re-election in November. He further said Friday’s positive jobs numbers made it “a great day” for George Floyd, a 46-year-old man who died on May 25 after a police
