The October 2020 jobs report is out! It this video, Matthew Gardner dives into the report and discusses it’s implications.
At first glance, the headlines appear good: We added 638,000 jobs in October. This is higher than most experts predicted. However, since February 2020 we have lost 10.1 million jobs. Let that number sink in. In just two short months, the pandemic erased almost 10 years of job gains. Also concerning: The total number of furloughed and permanently laid off workers is still elevated. Finally, the number of permanently laid off workers rose again. Altogether, according to Matthew, these troubling statistics suggest it will be awhile before the labor market experiences a full recovery. With the recent spike in COVID cases and new restrictions on social gatherings, a longer recovery seems even more probable.
Watch Matthew’s full analysis here.