Have a happy Labor Day.
We received some good news with Friday’s unemployment figures: Non-farm payroll employment rose by 1.4 million jobs in August, dropping us from a COVID-19-induced jobless rate of 14.7% to just 8.4%.
But here’s the sobering part.
That still leaves 29 million people who were receiving some form of unemployment insurance as of mid-August, and that 29 million was an increase of 2 million from the previous week, according to The Washington Post.
“The numbers just clearly show a continued level of high distress in the country,” Stephanie Aaronson, a labor economist at the Brookings Institution, told The Post. “These are just terrible numbers.”
The Trump administration, meanwhile, has moved on, pretending all of this is behind us. But there’s more bad news.
* While the novel coronavirus spread seems to have slowed slightly, it is expected to rise again in the fall and winter —