CNBC’s Jim Cramer declared “we’re back” regarding the U.S. economy following a stunning May jobs report showing 2.5 million jobs added despite the coronavirus pandemic that has wreaked havoc on the U.S. economy since March.
The declaration comes as the Dow Jones Industrial Average skyrocketed past 27,000 on the news Friday, putting the index at its highest level since October 2019.
“We’re back!” Cramer said on “Squawk Box” after the numbers came out. “I think there were a lot of people who felt that the layoffs would be permanent, and it’s obvious that there’s so much demand that people have to bring people back.”
“There were many people who thought this would be the historic beginning of the depression, 20 percent layoff,” the “Mad Money” host later continued. “We’d start looking back to comparing it to [the Great Depression] and that’s off the table.”
Cramer went on to add the number was great for Republicans and the country as a whole.
“I don’t want to be political about this at all. This is a great number for Republicans. This is a great number for Democrats. This is a great number for the country,” he declared. “Let’s call it as it is: It’s joyous.”
President Trump also celebrated the report on Twitter.
The U.S. unemployment rate in May declined to 13.3 percent, according to the Bureau of Labor Statistics.