“The average American’s workweek has gotten 10% longer during the pandemic, according to a new Microsoft study published in Nature Human Behaviour,” Axios reports.
Delta Variant Postpones Great Economic Boom
“The Biden administration arrived in Washington in January with a wind at its back. After months of struggles with Covid-19, a new vaccine seemed poised to tamp down the virus and unleash a period of economic growth,” NBC News reports.
“But something happened on the road to recovery: The Delta variant. Delta turned the summer of independence into a summer of hesitation, and now the great economic boom seems to be locked in a perpetual state of ‘coming soon’ as Americans wonder if there are more twists and turns coming in the Covid pandemic.”
States Ending Jobless Benefits Saw No Boost In Jobs
“States that ended federal unemployment benefits earlier this summer saw August job growth at less than half the rate of states that retained the benefits, according to new data released Friday by the Bureau of Labor Statistics,” Axios reports.
“Leaders in the largely Republican-led states had insisted that the benefits were discouraging people from work, and ended the assistance program early ahead of its planned expiration on Sept. 6.”
Biden Leans Into Expansive Agenda
“Six months after signing a massive economic stimulus package into law, President Biden on Thursday embarked on a fresh push for trillions of dollars in additional spending, attempting to pivot from an emergency posture to advancing a long-term liberal vision of government,” the Washington Post reports.
America Moves Past the Pandemic Economy
“The U.S. economy is emerging from the pandemic with more well-paying jobs for those who want them, less hunger, less poverty, higher wages, less inequality, and more wealth for everyday Americans,” Axios reports.
“None of these outcomes were expected when the pandemic began. All of them are the result of massive government programs.”
Retail Sales Rebound Despite Delta Variant
“U.S. retail sales rebounded in August, a sign Americans are able and eager to spend despite the Delta variant,” the Wall Street Journal reports.
Overall Poverty Fell In 2020 Due to Relief Package
“U.S. poverty fell overall in 2020, a surprising decline that is largely a result of the swift and large federal aid that Congress enacted at the start of the pandemic to try to prevent widespread financial hardship as the nation experienced the worst economic crisis since the Great Depression,” the Washington Post reports.
“The U.S. Census reported that the official poverty rate rose slightly in 2020 to 11.4 percent, up from a record low 10.5 percent in 2019, but that figure leaves out much of the government aid. After accounting for all the federal relief payments, the so-called supplemental poverty measure declined to 9.1 percent in 2020 — the lowest on record and a significant decline from 11.8 percent in 2019.”
Inflation Expectations Continue to Climb
“Americans’ expectations of future inflation hit a record high last month, according to a new report from the Federal Reserve Bank of New York, potentially challenging the central bank’s confidence that inflation pressures will ebb over time,” the Wall Street Journal reports.
Another Record for U.S. Job Openings
“U.S. employers posted a record job openings for the second consecutive month in July — more affirmation that the labor market is bouncing back from last year’s coronavirus recession,” the Associated Press reports.
“Job openings rose to 10.9 million in July, up from the previous record of 10.2 million in June.”
A September Slowdown for the Economy
“The U.S. economy is facing a slowdown in September, rather than the takeoff once hoped for,” the Wall Street Journal reports.
“Earlier this summer, many economists saw the week of Labor Day as the moment when the economic recovery would kick into high gear. Their expectation was that widespread vaccination would ease labor shortages. Schools and offices would reopen, which would mean a comeback for local businesses reliant on office workers. Travel would rebound. Stevie Nicks would be back on tour.”
“Instead, the rise of Covid’s Delta variant has the nation tapping the brakes.”
Ted Cruz Responds to Those Losing Jobless Benefits
Sen. Ted Cruz (R-TX) reacted to news of millions of Americans losing their unemployment benefits over the weekend by tweeting: “Um, get a job.”
Deconstructing the Disappointing August Jobs Report
Axios: “Covid-era economic data tends to be noisy, and problematic to interpret. But in Friday’s disappointing jobs report, one thing was pretty clear: It’s Delta’s fault.”
Organized Labor Sees Upswing After Years of Decline
Axios: “Labor unions represent a larger percentage of U.S. workers than at any time in the past five years, as the pandemic took its biggest bite out of non-unionized jobs.”
“America’s labor movement isn’t quite resurgent, but it is showing signs of life after decades of decline.”
“In 2020, 10.8% of all wage and salaried workers were members of unions, up 0.5% from 2019. That’s the highest mark since 2015.”
Millions Lose Jobless Benefits
“More than 7 million out-of-work people across the United States are set to lose all of their jobless benefits this week as three federal programs expire on Monday, in what several experts described as one of the largest and most abrupt ends to government aid in U.S. history,” the Washington Post reports.
“In addition to the more than 7 million people who will lose all their benefits, nearly 3 million more people will lose a $300 weekly boost to their state unemployment benefits.”
Biden Aides Privately Alarmed Over Coming Jobless Cliff
“The Biden administration faces internal dissatisfaction over the looming expiration of unemployment benefits for millions of workers, with numerous White House economic officials frustrated by President Biden’s support for letting the aid expire next week,” the Washington Post reports.
“The internal White House frictions over the unemployment cliff reflect the challenge facing Biden as he tries to restore economic normalcy without punishing low-income Americans, as well as ideological divergences within the administration.”
Job Growth Slowed Dramatically Last Month
Job creation for August was a huge disappointment, with the economy adding just 235,000 positions, CNBC reports.
Economists surveyed by Dow Jones had been looking for 720,000 new hires.
Cutting Unemployment Benefits Had Little Impact on Jobs
“States that ended enhanced federal unemployment benefits early have so far seen about the same job growth as states that continued offering the pandemic-related extra aid,” according to a Wall Street Journal analysis.
“Economists who have conducted their own analyses of the government data say the rates of job growth in states that ended and states that maintained the benefits are, from a statistical perspective, about the same.”
750,000 Households Face Eviction This Year
“A new report from Goldman Sachs released Sunday estimates that about 750,000 households could face eviction later this year unless Congress acts or rental assistance funds are more quickly distributed,” Axios reports.
CNN: “Goldman Sachs estimates that between 2.5 million and 3.5 million households are significantly behind on rent, owing a combined $12 billion to $17 billion to landlords.”
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