Jobs continue to return, but the pace has slowed significantly. The country added 638,000 jobs in October, which was surprisingly strong due to the current rate of COVID-19 cases.
It’s good to see the unemployment rate drop, but the amount of people who have been unemployed for more than six months has increased by 1.2 million.
While the number of temporary laid off workers is dropping, the amount of temporary laid off workers still still came in at 2.3 million. That is down from 18 million back in April and while it’s better it is still at an elevated number.
The number of permanent lay offs continue to rise, which leads economists to still believe that a full recovery in jobs is still a long ways away.