Clemons pointed out, “Employment recovered quickly from the economic distress of last year, [but] we have seen throughout this recovery, economic data is exaggerated and volatile.” The underlying dynamics of the labor market remain fragile, he maintains.
We are still at an uncomfortably high unemployment rate. By comparison, pre-pandemic, the U.S. had record-high employment. The unemployment rate was at around 3.5%. Around 9.3 million Americans still remain unemployed. Business owners contend that they can’t find workers. They blame the enhanced unemployment benefits, claiming it disincentivizes people from seeking out new jobs. Many cities closed their public schools. This pushed working mothers to choose staying at home and taking care of their children and providing supplemental education help to the much-criticized online video classes.
In response, businesses—particularly in the food services and hospitality sectors—have been offering increases in wages and bonuses to entice people to interview. A large number of states have said they’ll stop the extra unemployment benefits to see if this helps nudge people back into the job market. Some states have offered $1,000 bonuses to folks who got off unemployment and found a new job.
UBS economist Pablo Villanueva said in a note last week,"Schools are reopening, [Covid-19] risks are diminishing, and in many states, unemployment benefits are coming down." Villanueva added,"We expect that in the coming months there will be aCarl Tannenbaum, chief economist at Northern Trust, said, “There is some good news that's come out of the Covid-19 outbreak. Companies get that they. Pay is important, but so is a supportive, empathetic atmosphere.
Nice spin! Headline should read, '559k jobs were added in May, just shy of 120k with expectations of 679k. On another note, unemployment is down to 5.8%.' When you miss the mark (559k) of the targeted mark(679k) you're still short, you didn't make the targeted goal, it's a loss.
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