Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: U.S. Bureau of Labor Statistics; Chart: Axios Visuals

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."

Go deeper

Bryan Walsh, author of Future
Nov 18, 2020 - Technology

The robo-job apocalypse is being delayed

Illustration: Eniola Odetunde/Axios

A sprawling new report makes the case that automation and AI won't lead to widespread job destruction anytime soon.

Why it matters: Technological advances in AI and automation will have an enormous impact on the workforce, but it may take decades for those effects to be fully felt. That gives business leaders and politicians a last chance to change labor and education policies that have left too many workers locked in low-quality, low-paying jobs.

Split speed of economic recovery

Reproduced from the Leuthold Group; Note: Subdivides the total U.S. unemployment rate between four sectors with the lowest average hourly earnings and the remaining nine sectors; Chart: Axios Visuals

Job recovery is arriving much faster for workers in America’s highest earning industries.

Why it matters: The bottom earning industries are nowhere near recovered — right as the economy faces another test from the pandemic.

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

New deals in the COVID economy

Illustration: Sarah Grillo/Axios

COVID-19 is the macro horror of our lifetimes, and has destroyed or severely damaged countless businesses. But, like with most horribles, it also has created some opportunities.

Driving the news: Merck this morning announced an agreement to buy OncoImmune, a Maryland-based biotech that showed promising late-stage clinical results for a therapy that treats severe and critical coronavirus cases.