There are a few shreds of encouraging news in the most recently compiled jobs data.
There are a few shreds of encouraging news in the most recently compiled jobs data, though. For weeks, we’ve been waiting for the sheer number of people— as opposed to permanent unemployment — to return to work and no longer show up in the official unemployment data.
On top of laid-off workers potentially going back to work, this decline also speaks to companies’ beginning to hire slightly more than they have for most of the crisis. Total job postings on the employment-search website Indeed. Before we get too optimistic, though, those numbers are still sharply worse than in the same time frame in 2019: The volume on May 1 was 39.3 percent worse than on the same date a year ago, but it was just 35.1 percent worse than 2019 on May 22.
There could be some selection bias here: States that waited longer may have been in a stronger economic position than those desperate to reopen sooner . And states that never issued stay-at-home orders are, on average, down less in job postings from 2019 than states that still had orders in place as of May 22 . But those numbers are also indicative of how little power government orders may have to restart the job market anyway when compared with the power of the virus itself.
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