Under the Radar
In August, the U.S. economy continued its recovery from the wave of over 22 million layoffs triggered by coronavirus pandemic-induced lockdowns in the spring, but while the unemployment rate continued to decline, the number of permanent job losses has been rising.
The USAFacts chart below shows how the unemployment rate was at or near a 50-year low of 3.5% for much of 2019 and the first two months of 2020 until the wave of layoffs hit in March and April 2020, at which point it spiked to 14.7% ― its highest level since the Great Depression.
It has steadily declined during the last four months to 8.4% in August, which is less than the 10% peak of unemployment during the Great Recession in October 2009. During that recovery, the unemployment rate didn’t fall below 8.4% until January 2012.
See more charts here, then tell your reps:
How do you feel about the recent trends in the labor market?
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