Labor Dept. Reports Unemployment Rate Drops to 13.3% Despite Economists Predictions

Nick Kangadis | June 5, 2020
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The media and leftists whole narrative of wanting the American economy to go completely into the toilet, most likely so they can continue pushing their mantra of ‘orange man bad,’ took a hit on Friday as the Labor Department reported that the U.S. unemployment rate dropped 1.4 percent in May to 13.3 percent.

Fox Business reported that economists surveyed by global financial market data firm Refintiv predicted that the unemployment rate would rise to 19.8 percent. Well, that didn’t happen. In fact, the unemployment rate went in the opposite direction of their “expert” predictions.

According to Fox Business:

Economists surveyed by Refinitiv expected the report, conducted in mid-May, to show that unemployment rose to 19.8 percent in May and that employers shed 8 million jobs. If the expectation had been accurate, it would have been the worst figure since the Great Depression[…]

The jobless rate dropped from 14.7 percent in April, which was the highest level ever since record-keeping began in 1948. The surprise decline, combined with the surge in jobs, suggests the worst is over for the nation's economy as states ease stay-at-home guidelines and businesses bring back staff.

President Trump took to Twitter to mention the jobs report, even cracking a joke praising himself for the recovery:

The economy of the last few years has been so strong that even a global pandemic and media-driven nationwide racial division haven’t been able to stop it from recovering.