“The study, which surveyed 13,200 US adults in the first two weeks of August, found some limited recovery with respect to employment: Of all those who said they had lost a job, a third have returned to their old job, and 15 percent say they have a new job.”
“while 58 percent of upper- and middle-income adults who lost a job due to the coronavirus have returned to their old job or gotten a new one, only 43 percent of lower-income adults have been able to do the same.”
“reason for concern. The jobs report signaled a slowdown from earlier in the summer: the economy added 4.8 million jobs in June, and 1.7 million in July.”
“The economy is certainly improving: The August report shows that the labor force participation rate increased a bit and millions more furloughed workers returned to their jobs.
But there are a bunch of clues in this month’s report that the growth we’re seeing now isn’t as robust as it looks, and that it probably isn’t sustainable without a dramatic change in public health conditions:
A significant chunk of the jobs gained in August were added thanks to a once-in-a-decade phenomenon that has nothing to do with the current recession — a slew of temporary hiring for the U.S. Census.
Private-sector job growth is slowing overall, and the industries that were hit hardest by the pandemic — like leisure and hospitality — appear to be stalling out well below their pre-pandemic peak.
Getting people back to work will likely be harder and harder in the coming months, because a growing share of unemployed people have lost their jobs permanently.
The recovery is arriving faster for some groups than others — which means that workers of color, in particular, are still suffering much higher levels of unemployment than white workers.”