The Fed deserves the praise for America ’s jobs turnaround. But Trump benefits

The US stimulus programme looks to have been a success: one that has political as well as economic consequencesThe political obituaries of Donald Trump were all prepared. At the end of a week that has seen American cities convulsed by protests over the killing ofGeorge Floyd, the president would be faced with an increase in unemployment worse than anything seen in the Great Depression.Well, it didn ’t turn out like that. The US economy actuallycreated 2.5 million jobs in May and the unemployment rate went down rather than up. The consensus among analysts was that it would shed 7.5 million jobs, a colossally wrong call. And a deeply significant one.Continue reading...
Source: Guardian Unlimited Science - Category: Science Authors: Tags: US economy Economics Business US unemployment and employment data Jerome Powell Federal Reserve Donald Trump US news Coronavirus outbreak Science Infectious diseases World news Facebook Social media Environment Car scrappage Source Type: news