Almost a month ago, I wrote about the great economic news for the May jobs report, in which 2.5 million jobs were created and the unemployment rate fell to 13.3%.
Well, on Thursday, we received even better news for the month of June (which was a rather chaotic one, even by 2020 standards), and the numbers are even better. According to the Bureau of Labor Statistics, the economy created 4.8 million jobs in the month of June and the unemployment rate fell to 11.1%, as the country continues battling with the Chinese coronavirus pandemic (though some governors have insisted on re-closing, which is the wrong thing to do, in my opinion).
The BLS said in a statement: “These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it. In June, employment in leisure and hospitality rose sharply. Notable job gains also occurred in retail trade, education and health services, other services, manufacturing, and professional and business services.”
The report also showed that black unemployment dropped from 16.8% to 15.4% and Hispanic unemployment fell significantly from 17.6% to 14.5%.
Labor economist at the University of Tennessee told the Wall Street Journal: “We’re in the beginning of a slow recovery. I think the recovery will stall out if we don’t get control of the virus.”
While the virus does, indeed, have some impact on the current economic climate, there is no denying that the biggest factor was multiple governors’ decision to close down businesses (unconstitutionally). Naturally, businesses would have made adjustments to account for public health and safety, but being rendered inoperable via governors’ orders was going to cause far more economic damage than the virus itself.
So I think the economy will continue doing well, provided governors don’t panic (as some have done, including Texas Governor Gregg Abbott, ashamedly so) and look at the number of increasing cases (brought on by weeks of protesting and riots, not that the media would ever dare point to that as the reason) instead of the fact that hospitalizations have not increased that much or that deaths have still been going down (a rising number of cases also could be an indication of increased testing, since that is also what we are doing).
Provided that (Republican) governors don’t panic, we should still be seeing improving economic numbers. The issue, for the most part, is that the lockdowns have forced a number of small businesses to close and they are never going to reopen, or at least, most likely never will reopen. The biggest issue facing the economy right now isn’t the virus, but people’s reaction to it. And the American people want to go back to normal, as much as honestly possible. They want to be able to go back to work, understanding that certain things need to be changed in order to deal with the virus.
Now, the good news about the age we live in is that we will likely never see another situation like we saw during the Great Depression. Maybe statistically, but we likely won’t see the same sort of pictures we saw from that time period of people lining up at the unemployment line or people living in destitution (to the dismay of the Left, who would've loved to see people suffer financially just for the opportunity to score political points against Trump). The reason is simple: we have technology.
What I mean simply is that we have the ability to work from home, something that was not an option at all back during the Great Depression. I recently had a conversation with someone about this, and we noted the fact that, back during the Spanish Flu, the country simply did not have the option to lock itself down like we did. Of course, WWI was also happening at this time, but even without it, shutting down the economy was still not an option. Now, shutting down our economy is still a terrible idea and would definitely lead to economic turmoil no matter what, but many people have the option to work from home in this day and age.
If that option was not available, the economy would be in a FAR worse state today than it actually is (and I’m still assuming idiotic governors would have shut things down).
Let’s just hope and pray that these good economic news keep on rolling and we can get back to the great economic situation we were before the pandemic.
“But seek first the kingdom of God and his righteousness, and all these things will be added to you.”
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