The U.S. Economyâ€™s Remarkable Recovery Continues As Biden Plans To Crush It
An astonishing 2.2 million more Americans were working in October than in December, and 1.5 million fewer were unemployed.
By Tom Blumer
November 16, 2020
Good news about the economy continued to pour in during Election Week. Predictably, the nationâ€™s establishment press, obsessed with its self-appointed insistence that Joe Biden is the nationâ€™s president-elect, virtually ignored it.
On Nov. 6, the governmentâ€™s October jobs report revealed that the nationâ€™s unemployment rate dropped a full point to a seasonally adjusted 6.9 percent, while nonfarm payroll employment increased by 638,000. The reported unemployment rate smashed expectations that it would only drop to 7.6 percent, while the employment increase beat expectations by 58,000.
The reportâ€™s detail was even stronger than its headline numbers. The survey used to determine the unemployment rate reported that an astonishing 2.2 million more Americans were working in October than in December, and that 1.5 million fewer were unemployed. The separate survey of employers used to report official job additions showed that the private sector added more than 900,000 jobs (the lower overall number was primarily due to the release of census workers in the government sector).
Thus, in the six months since the March-April COVID-19 lockdowns:
The unemployment rate has dropped 7.8 points from its high of 14.7 percent, erasing 70 percent of that rateâ€™s 11.2-point rise from 3.5 percent during the lockdowns.
The economy has recovered 12.1 million of the more than 22 million jobs lost (12.3 million of more than 21 million in the private sector).