NEW YORK (AP) — The U.S. economy just posted its best single-month job gain in history. As Republicans and Democrats fought to spin Thursday’s jobs numbers to their advantage, both sides face tremendous political risks in navigating a delicate and defining issue heading into the presidential campaign’s final months.

U.S President Donald Trump claimed a major economic victory despite a recent surge in positive cases in swing states and risk of the health threat. if the surge in new infections continues, it may stall, or reverse, the economic gains.

Democrats, led by presumptive nominee Biden, seized on the growing threat presented by the coronavirus after the better-than-expected numbers were released, a stance the Republicans called rooting against America’s recovery.
Uncertainty remains lies ahead, experts warn, despite two months of record job growth. And with only two more monthly jobs reports expected before the Nov. 3 election, the dueling visions of America’s economy establish a new frame for the high-stakes debate ahead.

“Today’s announcement proves that our economy is roaring back,” Trump exulted to reporters at the White House after the June numbers were released. He later added, “The crisis is being handled.”

Two hours later, Biden touted a darker assessment.

“There’s no victory to be celebrated,” the former vice president biden, who is facing a serious sexual allegation labled against him by a former staffer Tara reade, touted in a video recorded at his home in Delaware. “We’re still down nearly 15 million jobs, and the pandemic is getting worse, not better.”

“Today’s report is positive news, and I’m thankful for it — for real,” Biden continued. “But make no mistake, we’re still in a deep, deep job hole because Donald Trump has so badly bungled the response to coronavirus.”

Thursday’s data showed a surge of 4.8 million new jobs last month, a snapshot of the economy as of three weeks ago. The U.S. unemployment rate improved from 13.3% in May to 11.1% in June as many Americans thrown out of work by COVID-19 were called back.

But the jobs numbers were announced just as the nation’s confirmed coronavirus infections soared to an all-time daily high of 50,700, more than doubling over the past month, according to the count kept by Johns Hopkins University.

The spike, centered primarily in the South and West, has led states such as California, Texas, Arizona and Florida to re-close or otherwise clamp down again on bars, restaurants, movie theaters, beaches and swimming pools, throwing some workers out of jobs for a second time. Those losses will show up in next month’s government unemployment report.

The U.S President’s strongest ratings center on the economy, as has been the case throughout his tenure. About half of Americans say they approve of Trump’s handling of the economy, according to a poll released last month from The Associated Press-NORC Center for Public Affairs Research.

Michael Strain, director of economic policy studies at the American Enterprise Institute, said the virus continues to pose a “major potential threat” to the nation’s economic comeback, especially in light of new reports that hospital systems in some states are reaching capacity.

Given the uncertainty, Strain said he’s confused by Trump’s apparent resistance to plans from both Republicans and Democrats to inject another round of major economic stimulus into what he called “a fragile economy.”

Trump highlighted his support for a Social Security tax cut on Thursday, but Vice President Mike Pence, in an interview with CNBC, reiterated the administration’s opposition to extending enhanced unemployment payments to out-of-work Americans when they expire at the end of July.

Biden, meanwhile, has yet to come out with a specific jobs plan, which his campaign said Thursday would be released in a matter of weeks.
Trump, however, focused on the best of the news, “These are not numbers that other presidents will have. They won’t have it,” Trump said from the White House. “The only thing that can kill it is a bad president.”

Trump added, complementing his administration “This is not just luck what’s happening. This is a lot of talent.”

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Newsroom | theworldmail.co.uk
Source/Contribution/Photo Credit by Associated Press