Nov 9, 2020 - Economy
The jobs recovery remains far from complete
Add Axios as your preferred source to
see more of our stories on Google.
The U.S. economy added more jobs than expected last month — 638,000 — marking the sixth month of consecutive declines in the unemployment rate, but there are still 10 million fewer jobs filled than there were in February.
What they're saying: "The combination of elevated unemployment and part-time employment and low participation all point to significant slack in the labor market," economists at Jefferies write in a note to clients.
- Additionally, they note, "permanent layoffs now exceed temporary layoffs for the first time since the start of the pandemic, which points to slower job growth ahead."
- The Fed noted in its policy statement Thursday, “Economic activity and employment have continued to recover but remain well below their levels at the beginning of the year.”
Keep it 💯: "Payroll growth is nothing like strong enough to recover the lost ground, despite the October beat," Pantheon Macroeconomics chief economist Ian Shepherdson writes.
- "And the omens for November are grim, as rampaging Covid scares people into staying home."
- "The chance of a lame-duck stimulus bill is rising, but it won't be big enough; more will be needed in Q1."
