November jobs report shows clear, virus-related slowing

December 4th, 2020

Payrolls were up 245,000 last month, the slowest month for job gains since the jobs recovery began in April. The jobless rate fell from 6.9 to 6.7 percent, but this was due to a decline in labor market participation, not more jobs (in the households survey from which the unemployment rate is drawn, employment fell)…. Read more

September 2020 jobs report: Slowing jobs gains and a huge spike in long-term unemployment

October 2nd, 2020

Payrolls grew by 661,000 last month, well below expectations, and the jobless rate ticked down to 7.9 percent, driven not by job gains, but by people leaving the labor force. Long-term unemployment spiked sharply–in fact, its largest one-month spike on record–and shifts continue from temporary to permanent job losses. In other words, though the labor… Read more

Unemployment down but so is pace of job gains

September 4th, 2020

Payrolls were up 1.4 million in August and the unemployment rate fell sharply from 10.2 to 8.4 percent according to this morning’s labor market update from the Bureau of Labor Statistics. Payrolls remain 11.5 million below their pre-pandemic peak in February and the jobless rate is still more than twice its February rate of 3.5… Read more

July jobs: Labor market keeps ticking, but virus surge is slowing pace of gains

August 7th, 2020

The labor market kept ticking in July, but the re-surging pandemic led to slower hiring across most industries. Payrolls rose 1.8 million last month, compared to average monthly gains of 3.8 million in May and June, and payrolls remain 12.9 million jobs down from their February peak (see figure). The jobless rate ticked down to… Read more