US President Donald Trump has scored a major win for his re-election efforts after the country witnessed gains of 2.5 million jobs in May, according to Noah Weinrich, a spokesperson for the conservative Heritage Foundation.
“Well, it is very important for the elections. You know, as President George H.W. Bush said, ‘it’s the economy, stupid,’ and I believe that Donald Trump has done a really good job on the economy before, during and after this pandemic,” Weinrich told Al Arabiya.
“Economists were expecting a loss of 7.5 million jobs. So by pushing states to reopen in a smart, healthy way, the president has actually scored a major win for the economy and for his re-election. That was the biggest growth of employment of all time in the US,” Weinrich added.
Employers added 2.5 million workers to their payrolls, when economists were expecting them instead to slash another 8 million jobs.
That news gave investors some welcome validation for the S&P 500’s rally of more than 40 percent since late March.
The US benchmark is now down just 5.7 percent from its record set in February after plunging nearly 34 percent earlier this year when recession worries were peaking.
“The stock market has also seen a 40 percent rebound, while small businesses in some states that are remaining closed are going to see a hard economic hit. That economic hit hasn’t been nearly as bad as many people predicted,” Weinrich told Al Arabiya.
“And it could have been. So, I think that the economy could actually be a selling point that could actually help Trump on his quest for re-election,” he added.
(With inputs from The Associated Press)