In the month of May, the United States economy added 2.5 million jobs, per the Bureau of Labor Statistics. The surprisingly good news resonated across the nation, with many expressing hope that the economy — which has been devastated by the COVID-19 pandemic — could recover sooner than expected.
Furthermore, the new unemployment figures had an impact on the Dow Jones Industrial Average, which climbed above 27,000 points, reaching the highest level since October of last year.
The stunning drop in unemployment rates also has political implications and could potentially make it easier for Trump to win the 2020 presidential election. Wallace opined that the commander-in-chief’s bid for reelection is now “a lot easier to make than it was 24 hours ago.”
“It really has been a great day for the country,” the anchor continued.
“It shows the resilience of the American economy, and it shows the political resilience of Donald Trump.”
Nevertheless, Wallace noted, Americans should not be too optimistic.
“Obviously we don’t know about this virus, we don’t know if there’s going to be a spike,” he said.
Wallace pointed out that mass protests over George Floyd’s death have broken out across the nation. The demonstrations, he suggested, could lead to another spike of COVID-19 cases given that thousands gathered and stood in close proximity, ignoring social distancing guidelines.
“We’re going to have to wait and see if there is going to be a second wave, but at least the initial indications are that people have been able to go back to work, millions of people have been able to go back to work,” the veteran anchor added.
Wallace concluded that Friday’s encouraging news was a good sign for the country, adding that Trump “has every reason to celebrate.”
Per a CNN analysis, May was the best month for job growth on record. The figures startled economists, many of whom predicted that the decline in employment would continue. According to some experts, the surge in employment could be due to a wave of re-hiring the economists missed in their initial predictions.
For Trump, reviving the economy could be key to winning the November election. Most recent polling suggests that former Vice President Joe Biden, the Democratic Party’s presumptive presidential nominee, has surged ahead of Trump nationwide and in swing states.
On Thursday, the president and his allies reportedly held an emergency meeting to discuss strategy for the 2020 election. Team Trump will reportedly focus on defining Biden to voters as the campaign progresses.