The U.S. economy is roaring back during the home stretch of the 2020 presidential campaign as nearly 1.4 million new jobs were added in August and the unemployment rate dropped to single digits.
“Nonfarm payrolls increased by 1.37 million in August and the unemployment rate tumbled to 8.4% as the U.S. economy continued to climb its way out of the pandemic downturn,” CNBC reported. “The unemployment rate was by far the lowest since the coronavirus shutdown in March, according to Labor Department figures released Friday.”
Dow futures shot up by 200 points in response to the news, or .7%, while S&P 500 futures surged .3%.
“An alternative measure that includes discouraged workers and those holding part-time jobs for economic reasons also fell, down to 14.2% from 16.5% in July and 22.8% at the peak in April,” CNBC added. “Economists surveyed by Dow Jones had been expecting growth of 1.32 million and the jobless rate to decline to 9.8% from 10.2% in July.”
A Politico report from earlier this year outlined how Democrats are panicking over the prospect of the economy coming back before the election.
Harvard professor Jason Furman, a top economist in the Obama administration, warned Democrats in April about the economic turn around that was coming, saying, “We are about to see the best economic data we’ve seen in the history of this country.” Read more…