Jobs Report Exceeds Expectations: Stocks Rise as US Recovers 4.8M Jobs and Unemployment Falls to 11.1%
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- This is the largest monthly jobs gain
in the history of our country.
- [Reporter] Trump touted a4.8 million jobs added in June,
as the unemployment ratefell to an unexpected 11.1%.
- Today's announcementproves that our economy
is roaring back.
It's coming back extremely strong.
- [Reporter] 80% of smallbusinesses are back open.
As a result, retail sales are up by 18%.
This as the Dow surgedmore than 400 points today,
after the opening bell.
- The stock market issoaring with the best gains
in over 20 years.
- [Reporter] While theimproving unemployment rate
comes as good news, growingfear over the recent surge
in coronavirus casesmay limit further gains.
It's a concern Democratsvoiced to push back
on the president's remark.
Senate minority leaderChuck Schumer Tweeted,
"Today's job report may be a slight peak
"in a much larger valley,and unless President Trump
"demonstrates realleadership and the Senate GOP
"get off their handsand work with Democrats
"to provide additionalfederal fiscal relief,
"the pain America isexperiencing will only worsen."
House Speaker NancyPelosi responded saying,
"The virus is efficient,the President is not."
22 million jobs were lostin March and April alone.
Seven million, abouta third of those jobs,
have already been recovered.
- Our work is not done.
Our work won't be donetill every single American
who lost their job becauseof COVID gets back to work.