After today's historic job's report, where the US unemployment rate unexpectedly dropped to 13.3% in May, down from depressionary levels in April, President Trump has tweeted he will host a press conference at 10:00ET.
I will be doing a News Conference at 10:00 A.M. on the Jobs Numbers! White House.— Donald J. Trump (@realDonaldTrump) June 5, 2020
While today's numbers are certainly questionable, the labor report showed employers added 2.5 million jobs, crushing expectations, and indicating that already in May, when the country was under widespread lockdowns, jobs came soaring back.
President Trump immediately tweeted after the job's report as this was the first big break in negative news flow since social unrest broke out across the US on May 26.
Minutes after the number's hit, the president tweeted: "Really Big Jobs Report. Great going President Trump (kidding but true)!"
Really Big Jobs Report. Great going President Trump (kidding but true)!— Donald J. Trump (@realDonaldTrump) June 5, 2020
He then quoted Fox Business' Maria Bartiromo, who said, "these numbers are incredible!"
THESE NUMBERS ARE INCREDIBLE! @MariaBartiromo— Donald J. Trump (@realDonaldTrump) June 5, 2020
The president also quoted Bartiromo as saying, "I am so stunned. I've never seen numbers like this, and I've been doing this for 30 years! Steve M."
I am so stunned. I’ve never seen numbers like this and I’ve been doing this for 30 years! Steve M. @MariaBartiromo— Donald J. Trump (@realDonaldTrump) June 5, 2020
President Trump said the news conference would be held "at 10:00 A.M. on the Jobs Numbers! White House."
Judging by the president's tweeting -- this is a mega pump to send the stock market higher because, at the end of the day, it's all about the stock market with this president.
And one last thing, if millions of jobs came back, as government data insists, wouldn't restaurant activity across the country be surging into positive territory?
Mission accomplished Mr. President...
We doubt the president will be showing anyone this chart at the news conference.
As the jobs data was likely overstated this morning, it will become increasingly harder for the administration to push another fiscal stimulus bill, and or, another round of CARES Act which drove consumer optimism during lockdowns.