On October 2, 2020, the US Bureau of Labor Statistics (BLS) issued its latest employment report and it wasn’t good news. Unemployment, BLS said, stood at 7.9%. It marked the fifth straight month that unemployment dropped, after the enormous jump from 4.4% in March (itself a significant increase over February’s 3.5%) to 14.7% in April.
But the September decline was only 0.5% and still left the United States well above February’s level when the labor market was extremely healthy. Or was it?
Most of what we hear about the economy, from journalists, politicians, economists, and pundits, is that we need to get back to where we were before COVID hit. But mid-way through October, that seems an unlikely prospect.
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