Biden knocks Trump's jobs report victory lap

Video Credit: Reuters Studio
Published on June 5, 2020 - Duration: 02:41s

Biden knocks Trump's jobs report victory lap

President Donald Trump took a victory lap and Wall Street jumped significantly higher in Friday trading after huge job gains in May but former Vice President Joe Biden focused on the millions of Americans who remain out of work.

Conway G.

Gittens has the story.


Biden knocks Trump's jobs report victory lap

There is big cheer on Wall Street over the latest jobs numbers.

At one point The Dow was up nearly 1,000 points lunch-time Friday to highs not seen since February... And the Nasdaq is back at record highs.

A huge dose of optimism reverberated after a new data showed the U.S. economy added 2.5 million jobs in May instead of losing millions of jobs as expected.

Wall Street was not alone in being in an overly joyous mode over the numbers.

So was President Trump, who credited his leadership for the huge surprise bounce-back in hiring.

"Everything that you've seen this morning is unexpected.

Even the pros sitting here would understand that everything.

We also smashed expectations on the unemployment rate.

The prediction was that the unemployment rate would rise to over 20 percent.

And instead, it dropped to around a little more than 13 percent.

Slight difference.

And this time the greatest comeback in American history.

Today is probably, if you think of it, the greatest comeback in America.

But it's not going to stop here." The economy appears to now be in the throes of a solid rebound after cities reopen from the near three month shut down due to health concerns.

Trump likened the economy to a patient who recovers quickly from an operation because he or she was healthy before getting sick.

Presumptive Democratic presidential nominee Joe Biden was glad to hear that 2.5 million American went back to work but found Trump’s self-boasting of a job well done….premature.

"I was disturbed to see the president crowing this morning, basically hanging a mission accomplished banner out there when there's so much more work to be done.

So many Americans are still hurting more than 20 million Americans.

One out of every seven U.S. workers still out of work.

For an enormous swath of our country their dreams are still on hold and they're still struggling to put food on the table and wondering what's going to happen tomorrow.

Can I pay my rent?

Will I be able to maintain my mortgage payment?" Biden also pointed out that though the unemployment rate surprisingly dropped to 13.3 percent…that’s still higher than the peak hit during the financial crisis.

But investors are betting that number will continue to come down as well.

Economists worry, however, that future hiring gains are likely to be slower than what we saw in May.

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