TRUMP’S ECONOMY: Private Payrolls SKYROCKET BY 2.37 Million for June

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( Love him or hate him, President Donald Trump has overseen one of the greatest economic comebacks in American history, reaching record employment highs before the Chinese coronavirus hit the shores of the United States. Since then, the US economy took a serious beating and unemployment rose once again to historic highs.

Since lockdown measures started being relaxed, however, the economy appears to be bouncing back…and bouncing back hard. The ADP National Employment Report released on Wednesday shows that private payrolls increased by almost 2.4 million in June, and continues to skyrocket.

Not only that, but the data for May was revised…showing an increase of 3.065 million in U.S. private payrolls. That’s a dramatic increase, considering they previously thought it was a decline of 2.76 million.

People are going back to work, and the economy is bouncing back. It suggests that the measures taken to help businesses through the COVID outbreak have worked well for many people, and that millions of Americans are starting to ease back into normal life.

The ADP report is published every month, in advance of more comprehensive and detailed numbers that are released by the government. The report uses Moody’s Analytics and has a history of underestimating successes. Last month, they showed payrolls shrinking nationally but the government’s report showed that 2.5 million jobs were added.

It means that it’s entirely possible that these new numbers, while good, may be even better in reality. We’ll just have to wait and see what the government numbers say.

For now, though, we know that small businesses that have fewer than 50 employees added almost a million jobs in June – 937,000 to be exact. Medium-sized businesses began bouncing back, too, adding 559,000 jobs in June. Larger businesses that employ 500 or more people added a substantial 873,000 jobs.

How’s that for good numbers? Small businesses, some of the most vulnerable operations during the COVID outbreak, have not only survived but are hiring again.

The manufacturing industry added 88,000 jobs, construction workers 394,000, and the leisure and hospitality industry added 961,000.

America is coming back!