The U.S. job market recovery appears to be starting to stall, threatening President Trump's narrative of a rapid American comeback and a quickly declining unemployment rate headed toward the November election
The U.S. job market recovery appears to be starting to stall, threatening President Donald Trump's narrative of a rapid American comeback and a quickly declining unemployment rate headed toward the November election.
New jobless claims declined a bit last week after two weeks of increases but remain above 1 million per week, blowing away the old record of 695,000 in 1982. The Covid crisis that slammed the U.S. in March and shuttered much of the economy wiped out tens of millions of jobs, erasing gains from the last decade and digging a hole that may take years to escape. And the pace of hiring slowed in recent weeks amid a rise in Covid cases in many states and deep uncertainty among employers about whether and when to bring back laid off or furloughed workers.
Some analysts even suspect that July could show little to no job gains. Others believe the real hit from the latest Covid flareups may not show up until the August employment numbers come out in early September. Either way, economic data suggest hiring is slowing down.
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