In May 2020, the number of unemployed fell to 13.3% percent, compared with April’s 14.7%. Earlier, Dow Jones predicted an increase in the unemployment rate to 19.5% in May 2020. Job growth in May was about 2.5 million – the most significant monthly increase in the number of jobs since 1939. Almost half of them are related to tourism, entertainment, and hotel products and services.
Trump stressed that the only thing that can hinder the recovery of the economy is the extremist activity of radical groups that, using peaceful protests of Americans for their purposes, are trying to sow chaos and discord in the country.
Donald Trump said that the emergence of 2.5 million jobs in May indicates that the US is on track for “an incredible period of growth.”
“Job growth is observed in all branches of American industry,” the President added.
Trump also said that he wants to focus on preventing coronavirus among categories of the population at increased risk of complications, which will open up the country’s economy.
“The best strategy for ensuring people’s health in the future is to focus our resources on protecting populations at high risk of complications, such as the elderly and nursing home patients, and at the same time allow young and healthy Americans to return to work immediately”Trump said, speaking at a White House news conference.
Trump called for the opening of schools and an immediate end to restrictions imposed by the authorities of individual States to prevent the spread of the coronavirus.
With 2.5 MILLION jobs added in May, we're on the way to an incredible period of growth! 🔥 pic.twitter.com/gRrmte6xS3
— The White House (@WhiteHouse) June 5, 2020
Authorities in almost all States have begun to open the economy gradually, but the scale of the opening varies from state to state.
“We want the ongoing blockages to end in all these States,” the President said.
At the end of the press conference, the President signed a law that provides for changes to specific provisions concerning the forgiveness of loans to small businesses as part of the salary protection Program adopted to help the economy. The new law allows loan recipients to defer payroll taxes.