Key Takeaways:
  • The unemployment rate fell in 30 states last month according to new Labor Department data released Tuesday
  • The unemployment rate has fallen in all 50 states since April
  • 23 states’ unemployment rates are currently lower than their average unemployment rate when Joe Biden was Vice President
  • 30 states added back jobs in September, with 20 states adding back 10,000 or more jobs
  • 7 states – North Carolina, Florida, Ohio, Texas, New York, California, and New Jersey –added back more than 40,000 jobs in September

 

  • In total, the economy has added back 11.4 million jobs over the last five months, more than half of all the jobs lost due to the pandemic
  • It took two years and a half years – 30 months – to gain back the same percentage of jobs during the Biden-led “recovery”
  • The unemployment rate fell to 7.9 percent in September, a level that just a few months ago economists said would not happen until the end of next year
  • President Trump’s efforts to protect American workers and businesses during the coronavirus epidemic have clearly worked in states across the country
  • The Paycheck Protection Program has provided $525 billion to over 5.2 million businesses, protecting a total of more than 51 million jobs across the country
  • The IRS has sent a total of $269 billion in coronavirus relief payments to 153 million Americans in all 50 states

JOBS ARE COMING BACK ACROSS THE COUNTRY

The Unemployment Rate Fell In 30 States

In September, The Unemployment Rate Fell In 30 States. (Bureau Of Labor Statistics, Accessed 10/20/20)

The Unemployment Rate Has Dropped In All 50 States Since April. (Bureau Of Labor Statistics, Accessed 10/20/20)

23 States’ Unemployment Rates Are Currently Lower Than Their Average Unemployment Rate When Joe Biden Was Vice President. (Bureau Of Labor Statistics, Accessed 10/20/20; “States And Selected Areas: Employment Status Of The Civilian Noninstitutional Population, January 1976 To Date, Seasonally Adjusted (ZIP),” Bureau Of Labor Statistics, Accessed 10/20/20)

(Bureau Of Labor Statistics, Accessed 10/20/20; “States And Selected Areas: Employment Status Of The Civilian Noninstitutional Population, January 1976 To Date, Seasonally Adjusted (ZIP),” Bureau Of Labor Statistics, Accessed 10/20/20)

30 States Added Jobs Back In September

In September, 30 States Added Back Jobs. (Bureau Of Labor Statistics, Accessed 10/20/20)

  • 20 States Added Back 10,000 Or More Jobs In September. (Bureau Of Labor Statistics, Accessed 10/20/20)
  • 7 States – North Carolina, Florida, Ohio, Texas, New York, California, And New Jersey –Added Back More Than 40,000 Jobs In September. (Bureau Of Labor Statistics, Accessed 10/20/20)

32 States Have Added Back 100,000 Or More Jobs Since April. (Bureau Of Labor Statistics, Accessed 10/20/20)

  • 41 States Have Added Back 50,000 Or More Jobs Since April. (Bureau Of Labor Statistics, Accessed 10/20/20)
  • 8 States – Ohio, Pennsylvania, Michigan, Florida, Texas, New York, California, And New Jersey – Have Added Back 450,000 Or More Jobs Since April. (Bureau Of Labor Statistics, Accessed 10/20/20)

(Bureau Of Labor Statistics, Accessed 10/20/20; “Table 3. Employees On Nonfarm Payrolls By State And Selected Industry Sector, Seasonally Adjusted,” Bureau Of Labor Statistics, Accessed 10/20/20)

THE U.S. HAS ADDED BACK MORE THAN 11 MILLION JOBS SINCE APRIL

The U.S. Added 661,000 Jobs In September

Nonfarm Payroll Increased By 661,000 In September. (Bureau Of Labor Statistics, Accessed 10/20/20)

In Total, The Economy Has Added Back 11.4 Million Jobs Back Over The Last Five Months. (Bureau Of Labor Statistics, Accessed 10/20/20)

  • 51 Percent Of All Jobs Lost Due To The Coronavirus Have Been Added Back In The Last Five Months. (Bureau Of Labor Statistics, Accessed 10/20/20)
  • It Took Two Years And A Half Years – 30 Months – To Gain Back The Same Percentage Of Jobs During The Joe Biden-Led “Recovery.” (Bureau Of Labor Statistics, Accessed 10/20/20)
The Trump Administration’s Actions Have Protected Businesses And Workers In Every State

The Paycheck Protection Program Has Provided $525 Billion To Over 5.2 Million U.S. Businesses, Protecting A Total Of More Than 51 Million Jobs. (“Paycheck Protection Program (PPP) Report,”  U.S. Small Business Administration, 8/8/20; “Paycheck Protection Program (PPP) Report,” Small Business Administration, 6/30/20)

(“Paycheck Protection Program (PPP) Report,” Small Business Administration, 6/30/20)

The IRS Has Sent A Total Of $269 Billion In Coronavirus Relief Payments To 153 Million Americans In All 50 States. (Press Release, “IRS Statement On Economic Impact Payments By State (As Of Aug. 28, 2020),” IRS, 8/28/20)

(Press Release, “IRS Statement On Economic Impact Payments By State (As Of Aug. 28, 2020),” IRS, 8/28/20)

THE ECONOMY IS REBOUNDING TO PRE-PANDEMIC LEVELS

The Stock Market, Manufacturing, Retail, And Homebuilding Are All Up

In August, The S&P 500 Closed At A Record High, “Capping A Remarkable Rebound” And Marking “The Index’s Fastest-Ever Recovery From A Bear Market.” “The S&P 500 closed at its highest level ever Tuesday, capping a remarkable rebound fueled by unprecedented government stimulus and optimism among investors about the world’s ability to manage the coronavirus pandemic. … The whole chapter, from peak-to-peak, spanned just 126 trading days and marks the index’s fastest-ever recovery from a bear market.”  (Michael Wursthorn, “S&P 500 Sets First Record Since February, Erasing Its Coronavirus Plunge,” The Wall Street Journal, 8/18/20)

  • In August, The Nasdaq Achieved A New Record High. (Sinead Carew, “S&P, Nasdaq Close At Record Highs In Tech-Fueled Rally,” Reuters, 9/1/20)

Retail Sales Have Increased For Five Consecutive Months. “The gain marked the fifth straight month of retail-sales growth, as consumers prepared for further months of working and studying from home by spending on sporting goods, home improvement and furniture.” (Harriet Torry, “U.S. Retail Spending Picked Up Strongly in September,” The Wall Street Journal, 10/16/20)

The National Association Of Realtors’ Pending Home Sales Index “Soared” 8.8 Percent In September To 132.8, Marking The Fourth Consecutive Monthly Increase. “The National Association of Realtors’ Pending Home Sales Index soared 8.8% last month to a record high of 132.8, according to data published Wednesday. The reading marks a fourth-straight monthly increase for the index, and all four of the major US regions posted growth through the end of summer.” (Ben Wick, “US Pending Home Sales Leap To Record As Housing-Market Surge Continues,” Business Insider, 9/30/20)

  • The National Association Of Realtors’ Pending Home Sales Index “Soared” 8.8 Percent In September To 132.8, Marking The Fourth Consecutive Monthly Increase. “The National Association of Realtors’ Pending Home Sales Index soared 8.8% last month to a record high of 132.8, according to data published Wednesday. The reading marks a fourth-straight monthly increase for the index, and all four of the major US regions posted growth through the end of summer.” (“Diana Olick, “Homebuilder Sentiment Sets Another Record High In October,” CNBC, 10/19/20)

In The Second Quarter Of 2020, U.S. Productivity Rose By 10.1 Percent, “The Largest Amount Since The Government Started Compiling The Data More Than 70 Years Ago.” “U.S. productivity rose at a 10.1% rate in the second quarter as the number of hours worked declined by the largest amount since the government started compiling the data more than 70 years ago.” (Matt Ott, “U.S. Productivity Rises A Record 10.1% In Second Quarter,” Associated Press, 9/3/20)

  • Productivity “Is The Key To Rising Living Standards.” “Productivity — the amount of output per hour of work — is the key to rising living standards, and the slow pace of growth in recent years has contributed to sluggish wage increases. Productivity mostly lagged during the record long 11-year expansion that followed the Great Recession, confounding economists.” (Matt Ott, “U.S. Productivity Rises A Record 10.1% In Second Quarter,” Associated Press, 9/3/20)

In September, The Institute For Supply Management’s Manufacturing Index Was 54.6 Percent, Marking The 5th Consecutive Month Of Growth. “American manufacturers grew in September for the fifth month in a row as they reconfigured their factories to cope with the coronavirus pandemic and brought back more workers, a good sign for a U.S. economy still recovering from the worst pandemic in a century. The Institute for Supply Management said its manufacturing index slipped to 54.6% in September from a 21-month high of 56% in the prior month. Readings over 50% indicate growth.” (Jeffrey Bartash, “U.S. Manufacturers Expand For Fifth Month In A Row, ISM Finds, And Maintain Momentum,” Market Watch, 10/1/20)

The Economy Is Expected To Grow At Record Levels In The Third Quarter

Economists Predicted A 30 Percent Expansion Of The Economy At An Annual Rate In The Third Quarter Of 2020. “Economists believe the economy will expand at an annual rate of 30% in the current quarter as businesses have re-opened and millions of people have gone back to work. That would shatter the old record for a quarterly GDP increase, a 16.7% surge in the first quarter of 1950 when Harry Truman was president.” (“U.S. Economy Plunges 31.4% In The Second Quarter But A Big Rebound Is Expected,” Associated Press, 9/30/20)

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