The good news: The economy added 1.4 million jobs in August, which pushed the unemployment rate down to 8.4%.
The bad news: the number of people who permanently lost their jobs increased again, this time by 534,000 (it’s up 2.1 million since February).
The bad news: the number of people who permanently lost their jobs increased again, this time by 534,000 (it’s up 2.1 million since February).
This is the recession we’ll face once the pandemic is finally over.
And, after starting to improve a little last month, it’s getting worse again now.
And, after starting to improve a little last month, it’s getting worse again now.
https://twitter.com/JedKolko/status/1301861996552306689
The number of people who have permanently lost a job since February is now higher than the number who did after the tech bubble burst 
The covid recession—i.e., permanent job losses—is so far deeper than the 2001 recession and faster than the 2008 recession.
I wouldn’t expect it to keep falling anywhere near as much as 2008, but it’s a reminder that policymakers can’t afford to declare Mission Accomplished.
I wouldn’t expect it to keep falling anywhere near as much as 2008, but it’s a reminder that policymakers can’t afford to declare Mission Accomplished.
https://twitter.com/calculatedrisk/status/1301873291527774209
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