05 Oct COTW: Labor Market Recovery is Slowing
On Friday, the Bureau of Labor Statistics released the September jobs report that showed the headline unemployment rate decline for a fifth consecutive month to 7.9%.
The good news is that as the U.S. economy toggles between reopening phases, jobs are coming back, and the unemployment rate is falling. The bad news is that the labor market is showing worsening signs of the permanent damage that has been done. As temporary layoffs continue to decline, the rapid rise in permanent job losses will slow the broad recovery in the U.S. labor market.
The headline unemployment rate, while improving, remains elevated and will likely continue to put pressure on Congress to get a second stimulus bill approved.
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