UPDATED 10:07 AM PT — Friday, June 5, 2020
President Trump touted the latest jobs report by calling the numbers a “great and tremendous step” towards recovering from the coronavirus pandemic.
During a news conference Friday, the president was optimistic while pointing out that “nobody knew how fast the economy would recover.” However, the latest report shows the country is on its way to a “comeback.”
The report shows 2.5 million jobs were gained in the month of May, which lowered the unemployment rate from 14 percent to 13 percent.
President Trump attributed the surge to the strength of the economy before the coronavirus pandemic by saying the country had such a strong foundation. He noted that “we were able to close our country and save countless lives.”
With 2.5 MILLION jobs added in May, we’re on the way to an incredible period of growth! ???? pic.twitter.com/gRrmte6xS3
— The White House (@WhiteHouse) June 5, 2020
Moving forward, the president said the country is prepared to distribute more than 2 million coronavirus vaccines if testing proves to be successful. He also signed a bill extending deadlines for businesses that received emergency Payroll Protection Plan loans.
#NEW: Pres. Trump signs bill giving biz hit by the pandemic more time to spend money granted under the Paycheck Protection Program.
*Biz now have 24 weeks to spend $, not 8
*Adjusts 75-25 ratio requiring biz to spend 75% of loan on payroll & 25% on other fixed costs to 60-40
— Jennifer Franco (@jennfranconews) June 5, 2020