labor market latest publications
With health related outcomes improving and economic activity normalizing, the labor market continued to show signs of improvement in September.
The labor market continued to improve in August with nonfarm payrolls growing by 1.4M and the unemployment rate dropping to 8.4%. The number of persons on temporary layoff declined by 3.1M while the labor force participation edged up to 61.7%.
Social Security Affiliation raised by 6,800 people in August (-2.7% YoY) and unemployment by 29800 (24% YoY). Discounting seasonality, the number of contributors grew by 180000 and the unemployed fell by 17000. The estimated impact of the crisis continues to be significant: -960000 contributors and 825000 unemployed.
Today’s labor market report once again showed that the economy is on the mend. However, this environment creates more complexity for Congress, as it supports arguments from both sides of the aisle. That said, Fed officials will continue to take additional steps as it transitions from “stabilization” to “accommodation”.
August 4, 2020
Spain | A notable improvement in employment in July, but not enough to overcome the crisis
Social Security affiliation increased by 161,217 people (-3.8% YoY) and unemployment fell by 89,849 (25.3% YoY). Excluding seasonality, employment grew by 150,000 people and unemployment fell by 85,000. However, the estimated impact of the crisis is still significant: 1,175,000 contributors and 843,000 unemployed.
U.S. economy showed further signs of strengthening with the labor market adding 4.8M jobs. While overall unemployment rates have declined, there remain significant disparities among groups.
A new normal: how the U.S. economy recovers in a post-Covid world. Which Rubicon will the Fed forge next? Policymakers respond with massive fiscal support. The housing market in the era of Covid-19.
Containment measures to slow down the spread of COVID-19 are having a negative impact on employment, job quality and wage incomes. The recovery in employment will be very gradual given a fragile expected recovery in economic activity