Jobs, jobs, jobs…

Friday’s disappointing jobs report – the much-anticipated final one before the general election – highlighted a question that was central at Tuesday’s debate: Just what kind of economic recovery are we enjoying right now? The report was worse in some places than others – private-sector job growth actually slightly beat expectations, while government employment was especially weak and participation in the labor force declined – but the underwhelming overall pace of employment growth that suggests the recovery is going to be a longer slog…

…the averages obscure the variation among the population. It’s not just millionaires and billionaires who are doing okay, but also the merely affluent: Higher-paid workers in the top quartile of the income distribution have already more than recovered their job losses from the peak of the crisis, while employment remains severely depressed among low-wage workers. Even here, the effects are uneven — some high-wage workers like pilots have experienced extensive job loss, while supermarket employment is elevated — but the broad story is one of worse effects at the lower end of the income scale.

“Job losses are being overwhelmingly borne by three overlapping groups: Young people and to a slightly lesser extent older people, so the bookends of the age distribution; lower-educated people; and low-wage workers…”

But, hey, our heroes in the two mediocre political parties that hold sway over media, finance, economics, education…and jobs…are convinced they’re the best choices to do the job of keeping the economy rolling.

Or, at least, the stock market.

3 thoughts on “Jobs, jobs, jobs…

  1. p/s says:

    “There’s mounting evidence that the pandemic is dealing a lasting blow to the American economy, with millions of jobs vanishing forever.
    The number of unemployed people classified as permanently losing their old jobs climbed by 345,000 in September to a seven-year high of 3.8 million, according to seasonally adjusted numbers from the Bureau of Labor Statistics. The percentage of unemployed Americans classified as permanently unemployed rose to 35.6% in September, up from just 11.1% in April.”

    Meanwhile: “Pope Francis says the coronavirus pandemic has proven that the “magic theories” of market capitalism have failed and that the world needs a new type of politics that promotes dialogue and solidarity and rejects war at all costs.” “…He cited the grave loss of millions of jobs as a result of the virus as evidence of the need for politicians to listen to popular movements, unions and marginalized groups and to craft more just social and economic policies.
    “The fragility of world systems in the face of the pandemic has demonstrated that not everything can be resolved by market freedom,” he wrote. “It is imperative to have a proactive economic policy directed at ‘promoting an economy that favors productive diversity and business creativity’ and makes it possible for jobs to be created, and not cut.”
    Francis repeated his criticism of the “perverse” global economic system, which he said consistently keeps the poor on the margins while enriching the few. Francis rejected the concept of an absolute right to property for individuals, stressing instead the “social purpose” and common good that must come from sharing the Earth’s resources.
    Francis once again rejected “trickle-down” economic theory as he did in the first major mission statement of his papacy, the 2013 Evangelii Gaudium, (The Joy of the Gospel), saying it simply doesn’t achieve what it claims.

  2. Bait & switch says:

    Weaker-than-expected job creation in September kindled concerns about the health of the economic recovery. The report is a potential early flare from the business community that a rebound during which 11 million jobs were refilled in four months could be petering out. “Economic scarring is likely to become more apparent in Q4,” said Seema Shah, chief strategist at Principal Global Investors.
    Investors will be watching the path of Covid-19 and the stimulus negotiations in Washington to determine the economy’s fate.
    The president tweeted on Tuesday night he supports stand-alone legislation to authorize a second round of $1,200 stimulus checks. That was a reversal from his position earlier in the day, when he said he wanted Washington lawmakers to hold off on stimulus negotiations until after the election. The Senate is not scheduled to be in session again until Oct. 19. At that point, it also plans to take up confirmation hearings for the Supreme Court justice nominee, Amy Coney Barrett.

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