JEPI - Healing But Hurting: An Ailing Labor Market Is Stalling

• Despite record monthly job growth this spring and summer, we have recovered only half of the lost jobs lost during the frenetic initial weeks of the pandemic.
• The jobs recovery is stalling as “temporary” furloughs convert into permanent job losses, hiring slows, new claims for unemployment remain stubbornly high, and more layoffs loom.
• The gathering headwinds suggest that the recovery will slow further or even reverse absent another round of robust government stimulus.
• Regardless, a full jobs recovery will take at least until early 2022. Most likely, it will take considerably longer.

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