Jobs report thread, I think I have some answers in here:
-
-
This type of temporary unemployment has declined this month as states and cities have begun reopening. That is one factor that helps explain positive job growth.
Show this thread -
Another factor is that businesses that normally employee 50 million or more workers have been receiving Paycheck Protection Program funds that incentivize rehiring. While the program is imperfect, it is channeling hundreds of billions into payrolls.
Show this thread -
I think this is a key point: With upwards of 50 million workers potentially affected, even a 10% increase in payrolls at PPP businesses would boost aggregate job growth by 5 million and could easy swamp underlying job loss elsewhere.
Show this thread -
While temporary layoffs returning to work and PPP rehiring are both good news for the workers, it is important to not lose sight of the underlying damage being done to the economy. Businesses are reopening, but for many it is already too late.
Show this thread -
Census survey data shows that many businesses are out of cash or very low, and revenues remain far below normal. This is causing tremendous strain and a wave of business failures, a fact we should not let the attention grabbing payroll numbers distract us from.
Show this thread -
Business failures are only measured by the government with a major lag, meaning we won’t be able to really see this damage in the data until towards the end of the year. However, there is some sign of permanent damage in the jobs report itself.
Show this thread -
IMPORTANT: The number of workers who are unemployed due to permanent job loss rose 255k this month, bringing the total to 1m above where it was at the beginning of the year. A million jobs permanently lost is already a significant amount, and this number continues to climb.
Show this thread -
Overall, when we are this far from normal, payrolls heading in the right direction is far from mission accomplished. A better than expected jobs report for May would is some good news, but right now we need more than some good news, we need a lot of it.
Show this thread
End of conversation
New conversation -
-
-
Same as last time temp/perm distinction. It always is
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
The most important FACT - America is opening back up and your word play ain't going to change that. FACT - permanent job loss is only permanent if those ppl NEVER go back to work. Yes some businesses will fail but other will open and it will all be temporary job loss!
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.