What the surprisingly strong economic data will do to the political landscape remains to be seen, and Democrats cautioned that the unemployment rate is still far worse than the level hit during the Great Recession of a decade ago.
Yet top GOP lawmakers were quick to praise the news — and credit their coronavirus relief efforts with bringing back jobs.
“INCREDIBLE. The Great American Comeback is starting!” tweeted House Minority Leader Kevin McCarthy (R-Calif.). “The hugely successful Paycheck Protection Program has saved millions of jobs, and Americans are headed back to work. Full-steam ahead!”
The U.S. economy added more than two million jobs and the unemployment rate fell to 13.3, according to the Bureau of Labor Statistics. Economic experts had been widely predicting the unemployment rate could soar to 20 percent — a level not seen since the 1930s — with millions of more Americans losing jobs. All of which made Friday’s announcement even more startling.
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Article URL : https://finance.yahoo.com/news/republicans-cheer-latest-unemployment-data-151538786.html