Spiking coronavirus cases and rollbacks of reopenings in multiple states present roadblocks to continued aggressive gains in jobs.
, economists have become increasingly reliant on high-frequency measures such as credit card spending, foot and vehicular traffic and job searches online as opposed to more traditional metrics.
The survey is a relatively new one but gives a rolling idea of how the jobs market is playing out. The numbers for the Labor Department's reference week, which includes the 12th of each month, paint a bleak picture: nearly 6.5 million fewer people on the employment rolls from the same week in June. Nevertheless, "given the swift and substantial changes that have affected the labor market during the pandemic, we cannot rule out an outright decline in nonfarm payrolls during July," Nomura economists wrote.
Amy Glaser, senior vice president at the Adecco job search site, said she continues to see brisk activity.
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