1/n The January Jobs report signals an economy stuck in neutral. Over the last three months, the nation has averaged fewer than 30,000 new jobs per month, which is effectively zero job growth.
2/n This rapid deceleration of the economy accompanies the large spike in COVID caseloads, hospitalizations and deaths which the nation experienced in the past 90 days. The disease, not the government response to the disease is the causal element in the continuing recession.
3/n The nation’s labor force remains a full four million workers below the January 2020 level, indicating continued labor market stress that is not captured by the unemployment rate. Alternative measures of labor market stress indicates an unemployment rate of 9.5 to11.8%.
4/n The nation’s recovery from the pandemic has stalled. Speed in executing additional economic stimulus, and effective compliance by states in delivering that assistance to workers is needed for recovery.
5/n Ultimately though, the economy will not recover until a sufficient share of the population becomes immune to COVID, either through vaccination or by surviving the disease itself.
6/n In Indiana, the delays in implementing the December Pandemic relief caused significant, and unnecessary economic harm, particularly in urban settings, where affected workers comprise a much higher share of the labor force.
7/7 The failure to continue the program through the end of 2020 and into early 2021 caused significant additional economic harm to families, business and communities.
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