The big news this week was the dramatic decline in new hires. And this gets to the very heart of this economic recovery. People who were laid off earlier in the year, combined with new employees have been the hallmark of the economic recovery so far. And this creates the virtuous cycle that economists like to talk about. New workers power the consumer sector of the economy going forward, and that all powers the economic growth cycle.Read more
As we enter this last month of the year, it is apparent that 2020 will go in the record books as the best, and the worst of years for the American Working Man and Women. We began the year with record employment. 152 million Americans had jobs, and the unemployment rate had dropped to an all time low of just 3.8%. But all of that good news rapidly changed with the onset of the Covid-19 Pandemic. Americans were told to stay home, in an effort to self quarantine. Non-essential businesses were closed, while those businesses which were still allowed to operate, could only do so many time under strict restrictions. Restrictions such as social distancing, the wearing of masks, and limitations on the number of customers allowed to enter a store, office building or other establishment.Read more
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