Trump predicts 2021 will be 'best year' for US economy after May jobs rebound
The economy added a stunning 2.5M jobs in May
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.
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"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.
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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.
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"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."