6 months into the recession & 11.5 million jobs deficit remains

Six months into the recession and a 11.5 million jobs deficit remains

 

Don't be deceived by talk of "Great Jobs Numbers". 11.5 million jobs have yet to be recovered and 30 million working families still rely on UI benefits to make ends meet. The need for a comprehensive relief package persists.



 

Today’s jobs report from the Bureau of Labor Statistics (BLS) gives us a status report on the labor market six months into the recession caused by the coronavirus pandemic. When the pandemic hit, health officials and policymakers urged businesses across the country to shutter their doors and mitigate the spread of the coronavirus. As a result, over 22 million jobs were lost and unprecedented numbers of workers filed for unemployment insurance. The jobs losses were sharp and deep, disproportionately hitting women, Latinx workers, and certain low wage sectors of the economy, notably leisure and hospitality. The effects were particularly devastating for Black workers and their families who were less able to weather job losses. With the expiration of the extra $600 unemployment insurance benefit, millions of workers across the country are facing eviction and hunger and the resulting loss in demand will undoubtedly slow the recovery. As the economy began reopening, jobs have started to return. Today, the BLS reports an increase of 1.4 million jobs in August. In normal times, this would be an enormous jump, but it represents a noted slowdown from last month’s increase of 1.7 million and June’s increase of 4.8 million. At this point, the U.S. economy is still down 11.5 million jobs from where it was in February, before the pandemic hit. With this kind of slowing in job growth, it will take years to return to the pre-pandemic labor market. And, without the $600 boost to unemployment insurance, jobs will return even more slowly than had policymakers stepped up and continued that vital support to workers and the economy.

 

 

To read the entire report from the Economic Policy Institute:

 

Six months into the recession and a 11.5 million jobs deficit remains

 

 


 

 

IATSE Facebook post dated 9/4/20