Jobs recovery is slowing, but congressional CPR not expected – By Jim Saksa (Roll Call) / Sept 8 2020
The weak jobs numbers are unlikely to break the legislative impasse that’s taken hold of Capitol Hill
The August jobs report showed America’s economic recovery slowing down, but Washington analysts doubt the figures will be enough to jostle Congress out of its deadlock over additional stimulus.
The economy added 1.4 million nonfarm jobs in August, bringing the unemployment rate down to 8.4 percent, the Bureau of Labor Statistics reported Friday. That’s less than the revised 1.7 million nonfarm jobs added in July, and the 4.8 million added in June. Economists worry that the slowing pace of job creation may smother hopes for the economy’s quick convalesce from the havoc wreaked by the coronavirus.
“The labor market recovery has slowed down a fair bit and while things are improving for some people, the hopes of a quick and complete recovery are gone,” said Nick Bunker, director of research at Indeed Hiring Lab. “Unless there is some big reversal in terms of public policy or the virus itself, we’re not going to see a sharp return to where we were before the virus.”
But congressional observers don’t expect the weak jobs numbers to break the legislative impasse that’s taken hold of Capitol Hill since June.
Continue to article: https://rollcall.com/2020/09/08/august-jobs-report-unemployment-rate-coronavirus-stimulus/
