Increase in jobs, soaring stock market shows transition of greatness for US has begun: White House

The soaring stock market and addition of 2.5 million jobs last month are the evidence that the transition of greatness for the US has officially begun due to its strong policies despite the coronavirus pandemic, a senior US official has said.

"The transition to greatness has officially begun. Friday's jobs report was encouraging to say the absolute least," Kayleigh McEnany, the White House Press Secretary, told reporters at a news conference here as she exuded confidence about the revival of the American economy in the aftermath of the coronavirus pandemic.

The US is among the worst affected nations by the deadly coronavirus and till now has reported the deaths of more than 112,000 people and 1,960,642 confirmed cases, according to Johns Hopkins University.

The White House statement came as US unemployment rate fell to 13.3 per cent on Friday, registering an increase of 2.5 million jobs, leading President Donald Trump to describe the numbers as an affirmation of the good work his adminstration is doing.

The unemployment rate for April was 14.7 per cent, which was the highest since 1948. With the addition of 2.5 million jobs, the monthly rate dropped to 13.3 per cent for May.

"This was a 10 million swing toward the positive side and, in fact, the greatest number of jobs created in a single month on record. That is extraordinary, 225,000 manufacturing jobs, 464,000 thousand construction jobs, and 1.2 million leisure and hospitality jobs were all added in May,” she said.

McEnany said that the stock market is absolutely soaring.

"We saw with the S&P that it had its greatest 50-day rally in history. The Dow, likewise, is also booming. The markets clearly have confidence in President Trump -- the jobs President who created the hottest economy in modern history once and will do it again,” she asserted.

“Why is this happening? Well, it's happening because America has taken note of the fact that we have a President who ushered in the hottest economy in modern history,” McEnany added.

Responding to a question, McEnany said that Trump sees the job report as a great stride toward what he ultimately wants, which is this rearing economy that the US had, where paychecks were growing and at the fastest for low-income workers.