Wednesday, White House Economic Adviser Larry Kudlow said the US economy marked a turning point after the instant recession due to the C-19 coronavirus chaos about 3 months ago.
“The stock market is presaging an upturn in the economy,” he said, citing the current stock market rally and a variety of indicators he said were Green Shoots of the economy.
The government jobs report released last Friday unexpectedly showed that the US unemployment rate dropped in May while businesses added jobs. Mr. Kudlow said he expected upcoming reports for June and July to also be strong.
President Trump and GOP lawmakers continue to discuss another aid/relief round to further boost the economic recovery. Mr. Kudlow told reporters at the White House “there’s a lot of options.”
“No one is happy with the $600 plus-up,” he said, referring to the $600 added to unemployment benefits, which is set to expire next month.
He added that “we’re looking very carefully” at a type of return-to-work bonus or credit for workers.
The US economy ended its longest expansion in history in mid February and entered an instant recession as a result of a Medical Malpractice event, according to the National Bureau of Economic Research, a private group that determines US business cycles.
Stay-home orders in almost every state led tens of millions of people to file for unemployment benefits while the stock market tumbled and small businesses folded up shop.
Congress passed multi-trillion dollar packages to help individuals and corporations as well as fight the spread of the virus.
Have a healthy day, Keep the Faith!