October #JobsReport analysis from @EconomicPolicy!

Bottom-line: The next president inherits a devastated economy with millions out of work.

https://www.epi.org/press/october-jobs-report-next-president-inherits-a-devastated-economy-with-millions-out-of-work/
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As the nation continues to be consumed with the #ElectionResults2020—which #BidenHarris appear poised to win —millions of people across the country remain out of work.

https://twitter.com/decisiondeskhq/status/1324710866516905984?s=21
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The latest data from the Bureau of Labor Statistics show that 638,000 jobs were added in October, a continued slowdown in job growth. The U.S. economy is still down 10 million jobs from where it was in February, before the pandemic hit.

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Using average monthly job growth over the year ending February 2020 as the counterfactual, the jobs deficit is over 11.6 million!

That’s 10.0 million fewer jobs we have than in February, plus nearly 1.6 million jobs we could have added if the recession hadn’t occurred.

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Even w/o the 147k loss in temporary Census employment, the economy added only 785k jobs. At this pace it will take years to recover. With long-term unemployment on the rise and little hope for relief, workers and their families do not have years to keep their heads above water.
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As winter approaches and COVID-19 cases continue to rise, millions of people across the country will be left out in the cold. Unlike his predecessor, the incoming Biden administration will inherit a devastated labor market that will need considerable relief and stimulus—quickly.

Long-term unemployment (27+ wks) continues to rise, up 1.2mil in October. With the expiration of enhanced (PUA) and extended (PUEC) unemployment insurance benefits set to expire on December 26th, it is clear that more pain is on the horizon for these workers and their families.
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Policymakers have the power to reduce that pain by provided enhanced benefits and further extensions to unemployment insurance.
https://twitter.com/hshierholz/status/1324707661145808896
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The unemployment rate for Black workers remains higher than the overall unemployment rate peak in the Great Recession. Black unemployment fell in Oct, but remains high at 10.8%. White unemployment is 6.0% and Hispanic and Asian unemployment fell to 8.8% and 7.6%, respectively.
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