Economic Resurgence in the US & Canada
President Donald Trump addressed the White House to boast the job surge in jobs in May. This surge signals an economic recovery could be on the horizon. As he was addressing the media, Trump took a moment to vocalize his thoughts on Warren Buffet for selling his position on airline stocks during the Coronavirus Pandemic.
- Trump criticized Buffet's decision as a record-breaking jobs reportwhich showed that U.S. employers added an eye-popping 2.5 million nonfarm payrolls in May.
- The jobless rate declined to 13.3%, far better than the net negative results economists had been expecting.
- Airline stocks, in particular, have soared in the weeks since Buffett’s sale on hopes that travelers will soon return to flying.
- United, Delta and American Airlines popped 16.8%, 10.4% and 21% on Friday alone amid the market’s broader elation. The group of stocks is headed for a record week.
- Canada surged with 289,600 jobs in May as provincial governments have began easing public health restrictions and businesses reopened, Statistics Canada said Friday.
- Unemployment rate in May rose to 13.7%, the highest level in more than four decades of comparable data.
- The increase in the unemployment rate, which topped the previous record of 13.1 % set in December 1982, came as more people started looking for work.