President Donald Trump on Wednesday cited a series of indicators that demonstrate the V-shaped recovery that the United States is experiencing after the abrupt paralysis of the economy due to the spread of COVID-19, also called the Chinese Communist Party (CCP) virus.
“We had to turn off the economy,” the president acknowledged at the White House press conference.
“Now we are turning it back on, and that’s going to be very strong,” he said.
The strength of the stock market
The rebound in the U.S. stock market indicates a V-shaped recovery, growing by almost 50 percent since March this year, representing some $9 trillion.
“The stock market rebound signals a v-shape recovery,” President Trump said, asserting that the U.S. stock market rebound was “stronger” than that of “competitors anywhere in the world.”
In the graph shown by the president, it can be seen how, indeed, the recovery of the U.S. stock market was considerably more significant than that of the United Kingdom, Japan and China, among other countries.
9 million jobs
Probably the sector where the recovery of the economy is most felt is in the labour market, which has added nine million jobs in the last three months.
The extraordinary increase in employment, after falling sharply when the pandemic broke out, defies all predictions.
“That’s a record,” Trump said in presenting the data collected by the Bureau of Labor Statistics.
After being consulted Thursday, White House economic adviser Larry Kudlow went one step further, saying he expects the unemployment rate in August to be in the single digits.
In a virtual appearance at a conference organized by the Council of the Americas, Kudlow said that growth in the third quarter should be 20 percent or more.
“The economy is rebounding, it looks like a V-shaped recovery and the recent news now is even better than it was a month ago,” the official said according to a Reuters report.
The “magic wand” to attract manufacturing
According to the latest surveys, the U.S. manufacturing industry is experiencing the highest production boom since October 2018.
In presenting the data at Wednesday’s press conference, Trump recalled the phrase of former Democratic President Barack Obama, who had said in 2016 that a “magic wand” was needed to bring manufacturing jobs back to the United States, as then-presidential candidate Donald Trump had promised on the campaign trail.
“You don’t need a magic wand,” Trump said in showing the recovery in manufacturing. “You don’t need a magic wand,” he said.
Demand for cars
The automotive sector, which had suffered a sharp drop in the first months of the year, also experienced a remarkable recovery in the last three months: in that period, demand for cars grew by 65 percent.
“And we’re anticipating that that’s going to go up even further,” Trump was encouraged to project at the press conference.
A strong ‘V’ in housing construction
The recovery of the economy is also seen in the housing construction market.
“We are doing massive amounts of construction of new homes, and that’s because people have tremendous confidence,” Trump said.
“The housing market has quickly rebounded. We were at a record, and now we’re going to be at a record again very shortly. Those numbers are incredible,” he added, pointing to the chart.
In that sense, the president said that the recovery is “beyond a ‘V’ shape. This is going to be very strong; it’s called a strong ‘V’.”