The Fed deserves the praise for America’s jobs turnaround. But Trump benefits
by Guardian Staff from on (#54DGK)
The US stimulus programme looks to have been a success: one that has political as well as economic consequences
The 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 of George 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 actually created 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.
There's no getting away from the fact that this was good news for Trump at a time when he appeared to be overwhelmed by a triple-whammy
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