Payrolls grew by 638,000 last month, and the unemployment rate fell sharply, by a full percentage point, to 6.9 percent. The report reveals a job market that’s healing, but at a slower pace than earlier in the year and with a long way to go to get back to full employment. Even with the large… Read more

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

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

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

Payrolls popped up by 4.8 million in June, as commerce continued to gradually reopen across the country. Most industries (75 percent) added jobs, and millions of furloughed workers were called back, taking the unemployment down to 11.1 percent from 13.3 percent in May. The strong report begs the question: are we out of the virus-infected… Read more