Although a surprisingly positive May jobs report was released Thursday morning, President Donald Trump wants his administration to push forward with more economic support for Americans.
President Trump held a
news conference Friday to tout the encouraging U.S. jobs report for the month of May. Economists surveyed by Dow Jones estimated that the employment level would drop by 8.3 million in May. However, non-farm payrolls actually increased by 2.5 million in May.
The unemployment rate was projected to be 19.5% in May, but it was 13.3%, an improvement from April's 14.7%. The May employment figures were the largest month-to-month job increase in U.S. history.
"The numbers are great and this leads us onto a long period of growth," Trump told reporters at the White House Rose Garden. "We will have the greatest — we will go back to having the greatest economy anywhere in the world. Nothing close. And I think we're going to have a very good upcoming few months."
"I think you are going to have a very good August, a very good July, but a spectacular — maybe spectacular — September," Trump continued. "But a spectacular October, November, December, and next year's going to be one of the best years we've ever had economically."
"We'll be going with a payroll tax cut; we think that will be incredible in terms of what we're doing because, again, we're going to be bigger, stronger, better than we ever were," the president stated.
While Trump didn't specifically say there would be a second stimulus check, he teased that there would be "additional stimulus money."
"We'll be asking for additional stimulus money because once we get this going, it will be far bigger and far better than we've ever seen in this country," President Trump declared.
"We're going to be doing things for the restaurant and various pieces of the entertainment industry, which will be an incentive, whether it's reductions or whatever," Trump added. "Because the restaurants will be a little bit harder to come back."
"We'll be announcing it pretty soon," Trump said.
Last month, White House economic adviser Kevin Hassett said it is "pretty likely" that the federal government would issue a second stimulus check to Americans.
"I think it's coming sooner rather than later," Hassett said.
Treasury Secretary Steven Mnuchin also said he believes that American people and businesses will need more financial help to recover from the devastating economic disaster caused by the COVID-19 lockdown.
"I think there is a strong likelihood we will need another bill," Mnunchin said last month. "We're going to step back for a few weeks and think very carefully if we need to spend more money and how we're going to do that,"
You can hear President Trump's comments about a new stimulus package and payroll tax cuts at the 50-minute mark.
President Trump holds news conference www.youtube.com