The U.S unemployment rate was far better than the CBO projected.
Unemployment fell to 8.4 percent in August, showing the economic comeback is well-ahead of experts’ expectations
For perspective, in April the CBO said the unemployment rate would be **16 percent** right now
Their predictions said unemployment wouldn’t be this low **next year** pic.twitter.com/7PFQ5Kq53m
— Zach Parkinson (@AZachParkinson) September 4, 2020
Here is an article from Forbes talking about the projection.
Forbes:
CBO is forecasting that unemployment is likely to rise to 16% and then hold at levels of 10% through the end of 2021. This is mind-blowing. It was just February that the U.S. economy had been riding a wave of record-level low unemployment with numbers as low as 3.5%. Can it really be that in neck-breaking speed unemployment could rise from 3.5% to 16% by summer?
Of course, the numbers we saw yesterday were far better than the CBO projections:
Almost 1.4 Million Jobs were created according to Labor Department figures released Friday.
BREAKING: U.S. jobs rose by 1.4M in August, unemployment rate fell to 8.4%https://t.co/wH5nYwYg5d pic.twitter.com/raR49YATWs
— CNBC Now (@CNBCnow) September 4, 2020
CNBC:
Nonfarm payrolls increased by 1.37 million in August and the unemployment rate tumbled to 8.4% as the U.S. economy continued to climb its way out of the pandemic downturn.
The unemployment rate was by far the lowest since the coronavirus shutdown in March, according to Labor Department figures released Friday. An alternative measure that includes discouraged workers and those holding part-time jobs for economic reasons also fell, down to 14.2% from 16.5% in July and 22.8% at the peak in April.
Economists surveyed by Dow Jones had been expecting growth of 1.32 million and the jobless rate to decline to 9.8% from 10.2% in July.
Even the Mainstream Press can’t cover it up:
CNBC reports: “big decline” in unemployment rate, unemployment rate lower across demographicshttps://t.co/lHKVvHRfmY pic.twitter.com/Zu31u7YONe
— RNC Research (@RNCResearch) September 4, 2020
CNBC’s Steve Liesman: “a lot more people came back to the workforce and a lot of them found jobs”https://t.co/enHy0gFIYj pic.twitter.com/sFYSUiqZaM
— RNC Research (@RNCResearch) September 4, 2020
Fox Business reports: 1.37 million jobs created, a “big change” in the lowering unemployment rate pic.twitter.com/g4uBMBJAbx
— Steve Guest (@SteveGuest) September 4, 2020
BREAKING: The US gained back 1.4 million jobs in August.
Official unemployment rate = 8.4%
That’s the lowest unemployment rate since March but one of worst in modern history.**About 48% of the 22 million jobs lost during the pandemic have returned**
— Heather Long (@byHeatherLong) September 4, 2020
We aren’t tired of winning yet!
End the lockdowns!
The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri two years ago at the age of 19. Since its founding, it has gotten over 2M pages views and over 20k followers. The Palmieri Report is dedicated to giving people the truth so that they can form their own informed political opinions.
