Slowing job growth raises fears of double-dip recession – By Sylvan Lane (The Hill) / Dec 2 2020
A weakening labor market is raising fears of a double-dip recession heading into the winter with no relief in sight from Congress.
New figures on Wednesday showed job growth in the private sector last month fell to its slowest pace since July as coronavirus cases, hospitalizations and deaths hit record highs.
The Labor Department’s release of the November jobs report on Friday will provide the broadest view of just how much the U.S. workforce has weakened eight months into the pandemic. While U.S. employers are expected to have added roughly 400,000 jobs last month, economists fear that the progress made since April could slip into reverse without more help from the White House and lawmakers.
Scott Clemons, chief investment strategist at Brown Brothers Harriman & Co., warned that a failure to bridge the gap between the coronavirus-ridden economy and the imminent promise of a post-pandemic future could deepen a cycle of layoffs, declines in consumer demand and business closures.
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