President Trump on Friday promised a "rocketship" rebound from the coronavirus pandemic, suggesting 2021 could be one of the "best years" for the U.S. economy after the better-than-expected May jobs report.
"Next year is going to be one of the best years we’ve ever had economically," Trump said during a White House press conference.
His comments came on the heels of the Labor Department's May jobs report, which revealed that employers added a stunning 2.5 million jobs last month -- the biggest increase on record. The nation's unemployment rate dropped to 13.3 percent from 14.7 percent.
"The numbers are great. And this leads us into a long period of growth. We’ll go back to having the greatest economy anywhere in the world, nowhere close," Trump said. "I think we’re going to have a great few upcoming months."
Economists surveyed by Refinitiv expected the report, conducted in mid-May, to show that unemployment rose to 19.8 percent in May and that employers shed 8 million jobs. If the expectation had been accurate, it would have been the worst figure since the Great Depression.
The jobless rate dropped from 14.7 percent in April, which was the highest level ever since record-keeping began in 1948. The surprise decline, combined with the surge in jobs, suggests the worst is over for the nation's economy as states ease stay-at-home guidelines and businesses bring back staff.
Stocks roared higher following the report.
Trump suggested there would be a "spectacular" fourth quarter in the country, beginning in October -- if not earlier.
"Today is probably the great comeback in American history," he said. "But it's not going to stop here. it's going to keep going."