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In reply to the discussion: September jobs report: US economy gains 661,000 payrolls, unemployment rate ticks down to 7.9% [View all]progree
(10,889 posts)17. job market looks increasingly bleak ...
Unemployment is down, but job market looks increasingly bleak, Ethan Wolff-Mann, Senior Writer, Yahoo Finance, 10/2/20
... Pantheon chief economist Ian Shepherdsons one-line summary: Momentum fading; October will be much weaker.
Permanent job losses increasing -- In the last jobs report before the presidential election, the data showed many people had stopped looking for jobs and were therefore not officially counted as being in the labor force and that permanent job losses ballooned by 345,000 to 3.8 million. Around two-thirds of these permanent losses which are defined by layoffs lasting 27 weeks or more have come since February because of pandemic-related shutdowns.
... "The rate of employment has clearly slowed, as the resurgence of the virus has constrained the pace of reopening, and the early signs for October are not encouraging."
Women also fared exceptionally poorly in this months job report, losing 143,000 jobs, but also dropping out of the workforce at the highest rate since the pandemic began.
... The virus is in the driver's seat in controlling the speed of the recovery and right now the economy is in the slow lane unless Congress and the White House can settle their differences and provide additional stimulus to support those jobless Americans who have lost their paychecks and livelihoods and hope, Rupkey wrote.
More: https://finance.yahoo.com/news/unemployment-is-down-but-job-market-looks-increasingly-bleak-165708559.html
... Pantheon chief economist Ian Shepherdsons one-line summary: Momentum fading; October will be much weaker.
Permanent job losses increasing -- In the last jobs report before the presidential election, the data showed many people had stopped looking for jobs and were therefore not officially counted as being in the labor force and that permanent job losses ballooned by 345,000 to 3.8 million. Around two-thirds of these permanent losses which are defined by layoffs lasting 27 weeks or more have come since February because of pandemic-related shutdowns.
... "The rate of employment has clearly slowed, as the resurgence of the virus has constrained the pace of reopening, and the early signs for October are not encouraging."
Women also fared exceptionally poorly in this months job report, losing 143,000 jobs, but also dropping out of the workforce at the highest rate since the pandemic began.
... The virus is in the driver's seat in controlling the speed of the recovery and right now the economy is in the slow lane unless Congress and the White House can settle their differences and provide additional stimulus to support those jobless Americans who have lost their paychecks and livelihoods and hope, Rupkey wrote.
More: https://finance.yahoo.com/news/unemployment-is-down-but-job-market-looks-increasingly-bleak-165708559.html
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September jobs report: US economy gains 661,000 payrolls, unemployment rate ticks down to 7.9% [View all]
BumRushDaShow
Oct 2020
OP
Hi BRDS, thanks for the thread. It keeps me busy, a way to help me manage my sorrow
progree
Oct 2020
#11
This is the last jobs report before the election. The next jobs report is Nov 6, 3 days
progree
Oct 2020
#13
This month's cherrypicked data from the Council of Economic Advisers:
mahatmakanejeeves
Oct 2020
#14
The unemployment rate drop is slowing down, only down 0.5 percentage points from August
progree
Oct 2020
#15
Number of permanent job losers jumped by 345,000 to 3.8 M which is up 2.5 M since Feb
progree
Oct 2020
#16
In September, 4 times as many women over 20 dropped out of the labor force as did men
progree
Oct 2020
#20
I read a similar article a few days ago republished in the Philly Inquirer (from Bloomberg)
BumRushDaShow
Oct 2020
#21
Yup, all in contrast to the Great Recession, which was dubbed the "Mancession". BTW I updated #20
progree
Oct 2020
#22
I call bullshit. we are losing between 3000 and 4000 jobs per month and I can tell you
Demsrule86
Oct 2020
#23
Remember that this report would also be missing all the layoffs that are happening now
BumRushDaShow
Oct 2020
#24
And the survey week for these reports was the week that included the 12th, for the
progree
Oct 2020
#25
Interestingly, the BLS summary spoon feeds that info, comparing most major stats to February
progree
Oct 2020
#28