On the other hand, it means that nearly half of the 22 million jobs lost in the crisis have been restored. But the rate of improvement has been steadily decreasing in recent months. The Bureau of Labor Statistics’ October employment report, due Friday at 8:30 a.m. ET, is expected to show even slower labor market recovery.
Economists predict the US economy added 600,000 jobs in October, down slightly from 661,000 the previous month. That still caused the United States to lose about 10 million jobs during the pandemic and many people without the means to make a living.
Wednesday’s ADP Jobs Report was far below expectations, showing private employers just adding 365,000 jobs in October. Economists had expected 650,000. ADP and government reporting are not correlated, but experts pay attention to both to get the job market panorama.
Any improvement is good news, but the recovery is far from complete and the situation has no hope for the unemployed.
In July, Congress authorized the expiration of a bill providing weekly $ 600 additional checks to unemployed Americans along with their regular unemployment benefits. According to a study from Columbia University̵
7;s Center for Poverty and Social Policy, the monthly poverty rate increases.
Meanwhile, more and more workers have exhausted state benefits and turned to alternative government programs, such as the Pandemic Emergency Unemployment Compensation program. As of October 10, 3.7 million people have received PEUC benefits, applied to cope with the current crisis.
The PEUC program – like the Pandemic Unemployment Assistance program, which offers benefits to people like self-employed who are often ineligible for them – will expire later this year.
Whoever the next president will be, Washington needs to act quickly to ensure it helps those in need and gets the country on track to fully restore jobs.
CNN’s Tami Luhby contributed to this story.