Economist commentary: Friday's surprising May jobs report - Business Insider

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That signals that while today's report is a step in the right direction, the US economy "is still in a deep recession," said Donabedian. 1. ING: "Simply astonishing""Apologies - this has taken a little longer to write having just fallen off my chair and broken it," ING chief international economist James Knightley wrote in a June 5 note. "This is one of the biggest economic data shocks in history, if not the biggest.

"Most restaurants and retailers are unlikely to need as many staff as they had before the pandemic hit given social distancing limiting customer numbers at any given time," he said. In addition, some may not reopen at all.A housekeeping worker wears a mask as she cleans a room, Wednesday, March 4, 2020, at an Econo Lodge motel in Kent, Wash.

"The unemployment rate is also underreporting the true pain in the labor market. There are many workers that are employed but not at work that could be misclassified." Still, "losses remain significant," she said. "We really need a new way to talk about recessions and recoveries in a post-COVID world."

It rose as businesses leveraged PPP to bring back workers from temporary furloughs resulting in the increase. 'The question is how many of those workers will be able to keep their jobs as the economy struggles to reopen.'

Trump cooking the books.

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