Job Market Recovery Stalls Amid COVID Surge
The jobless report came in higher than expected amid the COVID surge.
Around 742,000 Americans filed jobless claims last week. That’s higher than expected, and the first increase in a month.
The road ahead for the job market is unclear with COVID-19 cases rising. Some economists fear the resulting restrictions could reverse the gains made so far. Others warn of the potential effects of President Trump’s refusal to concede the election.
“We could easily have a double-dip recession,” said Austan Goolsbee, former chairman of the White House Council of Economic Advisors.
The pressure is on in Washington to do something, with benefits from the first round of relief set to expire at the end of the year.
“My sense is that we will need to do more, and that Congress may need to do more as well,” said Federal Reserve Chairman Jerome Powell at a European Central Bank conference.
The good news: the many vaccine developments from the past week. Experts welcome that progress, but also acknowledge it may not come in time to rescue the labor market.
Report: Gen Z accumulating debt faster than other generations
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Child care costs rising with more private equity firm investments
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Foot Locker closing more than 400 stores in malls
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How are U.S. jobs reports compiled?
The data is based off estimates and not full official counts of the entire labor force, which is now over 160 million strong in the U.S.
How you can clean the air to protect yourself from COVID
People can remove harmful aerosol particles, like the virus that causes COVID, from the air on their own terms.
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