Citing the latest data report from the labour department that the job rate has increased in what appears contrary to what the economist thought, Donald Trump, the US President expressed his joy and stated that the US economy would be back on its feet by 2021. The economists expected job rate to go from 14.7% in April to 20% however the data suggests that it went down to 13.3%. The president stated that this is better than expected and he expects a long period of growth now for the US economy. He even went one step further and claimed that the US economy would be better than ever in 2021, leaving the world behind after the revival of jobs.
The US economy has been battered like no others due to the pandemic. The unemployment rate went off the roofs and all measures taken to cut back on it has proven to be futile. The infinite dollar printing and negative interest rates receive criticism from the crypto community too.
While the news on the surface certainly showered some joy on the crippling economy and show signs of recovery, economists remain firm on their prediction.
They believe that the president has manipulated the number to make the situation appear better than it is. The methodology used in the data report doesn't take into account the 3% of people who are in the category of a temporary layoff. The Bureau of Labor statistics has itself confirmed that they have been left aside and this has been a continuous trend and economists believe if they're added, the unemployment numbers in April only will hit 19.3%.
The US Fed General Jerome Powell also believed the negative rate is a bad move and decided to not opt for it, even after the president expressed interest in the idea. He also asserted that the pandemic job loss effect would be lasting and it could take way more than a year for the US economy to recover and jobs to be restored.
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