U.S. Economic News
August 10, 2020
U.S. Economic Indicators
The Job Openings and Labor Turnover Survey (“JOLTS”) report indicates that the number of job openings increased 518,000 to 5.9 million in June. The number of hires decreased to 6.7 million, while the quits rate increased to 1.9 percent. BLS Report
U.S. News
Bloomberg reports that the quick, pandemic-induced recession is showing signs of becoming a much longer downturn as new employment data shows signs of economic scarring. Despite better than expected job gains in July, there are still 13 million fewer jobs than before the pandemic and a larger fraction of jobless workers have been unemployed for 15 weeks or longer. Bloomberg
The New York Times reports that President Trump’s executive directives to extend supplemental unemployment benefits, suspend payroll taxes, extend student loan forbearance, and provide eviction relief are unlikely to provide immediate relief to struggling American households. The complex executive orders present a number of logistical challenges to implementation, and could be challenged in court or superseded if congressional leaders pass a stimulus package on their own. NYT