A person files an application for unemployment benefits on April 16, 2020 in Arlington, Virginia. (Photo: Olivier Douliery/AFP via Getty Images)
Thanks to GOP, Next President Inherits a Devastated Economy With Millions Out of Work
Policymakers cannot ignore the economic devastation happening to workers and their families across the country.
As the nation continues to be consumed with the election--which Joe Biden appears poised to win--millions of people across the country remain out of work. The latest data from the Bureau of Labor Statistics show that 638,000 jobs were added in October, a continued slowdown in job growth. The U.S. economy is still down 10 million jobs from where it was in February, before the pandemic hit. Using average monthly job growth over the year ending February 2020 as the counterfactual, the jobs deficit is over 11.6 million. In other words, that's 10.0 million fewer jobs we have than in February, plus nearly 1.6 million jobs we would have added if the recession hadn't occurred.
Even without the 147,000 loss in temporary Census employment in October, the economy added only 785,000 jobs. At this pace, it will take years for the U.S. economy to fully recover. With long-term unemployment on the rise and little hope for additional relief, workers and their families do not have years to keep their heads above water. As the winter approaches and COVID-19 cases continue to rise, millions of people across the country will be left out in the cold. Unlike his predecessor, the incoming Biden administration will inherit a devastated labor market that will need considerable relief and stimulus--quickly.
Key numbers from today's report:
- Long-term unemployment (27 weeks and over) continues to rise, increasing by 1.2 million in October. With the expiration of enhanced (PUA) and extended (PEUC) unemployment insurance benefits set to expire on December 26, it is clear that more pain is on the horizon for these workers and their families. Policymakers have the power to reduce that pain by provided enhanced benefits and further extensions.
- The unemployment rate for Black workers remains higher than the peak of the overall unemployment rate in the Great Recession. In October, Black unemployment improved but remains elevated at 10.8%. White unemployment is now at 6.0%, while Hispanic and Asian unemployment both declined to 8.8% and 7.6%, respectively.
- The employment-to-population ratio (EPOP) of workers across demographic groups remains depressed. In particularly, the EPOP for Black men and Black women as well as Hispanic women remains over 6 percentage points lower than in February. White men and white women have much less distance to travel to return to pre-pandemic employment levels, down 3.4 and 3.3 percentage points, respectively.
- State and local employment continues to decline, falling 130,000 in October. The labor market is down 1.3 million state and local government jobs over the last eight months--most of it (more than 1.0 million) in education. Austerity stifled the recovery from the Great Recession. We must not make that mistake again. Senate Republicans could fix this immediately by stopping their blocking of aid to state and local governments.
- The data show that it is far from true that "everyone" is working from home because of the pandemic. Only 21.2% of employed people report having teleworked or worked at home in the last four weeks because of the pandemic--less than one in four workers.
- The decline in unemployment in October came almost entirely from those who had been temporarily laid off. The number of workers who had been permanently laid off (or completed temporary jobs) ticked up, from 4.50 million to 4.51 million. This does not bode well for the pace of the recovery.
Policymakers cannot ignore the economic devastation happening to workers and their families across the country. The hopes of a quick recovery have long since been dashed, but swift action can lessen the continued hardship faced.
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. Our Fall Campaign is underway, and we need your help. To power our newsroom through the rest of the year, we need to raise $125,000 by midnight on October 31. So if you share our vision, please contribute whatever you can to sustain our work. |
As the nation continues to be consumed with the election--which Joe Biden appears poised to win--millions of people across the country remain out of work. The latest data from the Bureau of Labor Statistics show that 638,000 jobs were added in October, a continued slowdown in job growth. The U.S. economy is still down 10 million jobs from where it was in February, before the pandemic hit. Using average monthly job growth over the year ending February 2020 as the counterfactual, the jobs deficit is over 11.6 million. In other words, that's 10.0 million fewer jobs we have than in February, plus nearly 1.6 million jobs we would have added if the recession hadn't occurred.
Even without the 147,000 loss in temporary Census employment in October, the economy added only 785,000 jobs. At this pace, it will take years for the U.S. economy to fully recover. With long-term unemployment on the rise and little hope for additional relief, workers and their families do not have years to keep their heads above water. As the winter approaches and COVID-19 cases continue to rise, millions of people across the country will be left out in the cold. Unlike his predecessor, the incoming Biden administration will inherit a devastated labor market that will need considerable relief and stimulus--quickly.
Key numbers from today's report:
- Long-term unemployment (27 weeks and over) continues to rise, increasing by 1.2 million in October. With the expiration of enhanced (PUA) and extended (PEUC) unemployment insurance benefits set to expire on December 26, it is clear that more pain is on the horizon for these workers and their families. Policymakers have the power to reduce that pain by provided enhanced benefits and further extensions.
- The unemployment rate for Black workers remains higher than the peak of the overall unemployment rate in the Great Recession. In October, Black unemployment improved but remains elevated at 10.8%. White unemployment is now at 6.0%, while Hispanic and Asian unemployment both declined to 8.8% and 7.6%, respectively.
- The employment-to-population ratio (EPOP) of workers across demographic groups remains depressed. In particularly, the EPOP for Black men and Black women as well as Hispanic women remains over 6 percentage points lower than in February. White men and white women have much less distance to travel to return to pre-pandemic employment levels, down 3.4 and 3.3 percentage points, respectively.
- State and local employment continues to decline, falling 130,000 in October. The labor market is down 1.3 million state and local government jobs over the last eight months--most of it (more than 1.0 million) in education. Austerity stifled the recovery from the Great Recession. We must not make that mistake again. Senate Republicans could fix this immediately by stopping their blocking of aid to state and local governments.
- The data show that it is far from true that "everyone" is working from home because of the pandemic. Only 21.2% of employed people report having teleworked or worked at home in the last four weeks because of the pandemic--less than one in four workers.
- The decline in unemployment in October came almost entirely from those who had been temporarily laid off. The number of workers who had been permanently laid off (or completed temporary jobs) ticked up, from 4.50 million to 4.51 million. This does not bode well for the pace of the recovery.
Policymakers cannot ignore the economic devastation happening to workers and their families across the country. The hopes of a quick recovery have long since been dashed, but swift action can lessen the continued hardship faced.
As the nation continues to be consumed with the election--which Joe Biden appears poised to win--millions of people across the country remain out of work. The latest data from the Bureau of Labor Statistics show that 638,000 jobs were added in October, a continued slowdown in job growth. The U.S. economy is still down 10 million jobs from where it was in February, before the pandemic hit. Using average monthly job growth over the year ending February 2020 as the counterfactual, the jobs deficit is over 11.6 million. In other words, that's 10.0 million fewer jobs we have than in February, plus nearly 1.6 million jobs we would have added if the recession hadn't occurred.
Even without the 147,000 loss in temporary Census employment in October, the economy added only 785,000 jobs. At this pace, it will take years for the U.S. economy to fully recover. With long-term unemployment on the rise and little hope for additional relief, workers and their families do not have years to keep their heads above water. As the winter approaches and COVID-19 cases continue to rise, millions of people across the country will be left out in the cold. Unlike his predecessor, the incoming Biden administration will inherit a devastated labor market that will need considerable relief and stimulus--quickly.
Key numbers from today's report:
- Long-term unemployment (27 weeks and over) continues to rise, increasing by 1.2 million in October. With the expiration of enhanced (PUA) and extended (PEUC) unemployment insurance benefits set to expire on December 26, it is clear that more pain is on the horizon for these workers and their families. Policymakers have the power to reduce that pain by provided enhanced benefits and further extensions.
- The unemployment rate for Black workers remains higher than the peak of the overall unemployment rate in the Great Recession. In October, Black unemployment improved but remains elevated at 10.8%. White unemployment is now at 6.0%, while Hispanic and Asian unemployment both declined to 8.8% and 7.6%, respectively.
- The employment-to-population ratio (EPOP) of workers across demographic groups remains depressed. In particularly, the EPOP for Black men and Black women as well as Hispanic women remains over 6 percentage points lower than in February. White men and white women have much less distance to travel to return to pre-pandemic employment levels, down 3.4 and 3.3 percentage points, respectively.
- State and local employment continues to decline, falling 130,000 in October. The labor market is down 1.3 million state and local government jobs over the last eight months--most of it (more than 1.0 million) in education. Austerity stifled the recovery from the Great Recession. We must not make that mistake again. Senate Republicans could fix this immediately by stopping their blocking of aid to state and local governments.
- The data show that it is far from true that "everyone" is working from home because of the pandemic. Only 21.2% of employed people report having teleworked or worked at home in the last four weeks because of the pandemic--less than one in four workers.
- The decline in unemployment in October came almost entirely from those who had been temporarily laid off. The number of workers who had been permanently laid off (or completed temporary jobs) ticked up, from 4.50 million to 4.51 million. This does not bode well for the pace of the recovery.
Policymakers cannot ignore the economic devastation happening to workers and their families across the country. The hopes of a quick recovery have long since been dashed, but swift action can lessen the continued hardship faced.