• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Republica Press

Your Business & Political News Source

REPUBLICA PRESS
Your Business & Political News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • SCIENCE/TECH
  • US
  • WORLD

For the Economy, the Present Doesn’t Matter. It’s All About the Near Future.

by

It is generally considered bad journalistic practice to start an article this way, but it must be said: The new jobs numbers that the Labor Department released Friday morning don’t matter.

These numbers can sometimes be unimportant in the sense that any one economic report offers only a partial view of what is going on, and is subject to margins of error and future revisions.

But it’s more than that in this case. This jobs report is inconsequential because the economy is at a momentous inflection point — what matters is not what happened in the last few weeks, but where things end up several weeks from now.

The report that 379,000 jobs were added in February and that the unemployment rate edged down to 6.2 percent is good news. It is a better result than what was recorded in January, and better than forecasters expected.

help manufacture the Johnson & Johnson coronavirus vaccine is a bigger deal for out-of-work waiters and line cooks than the 286,000 bar and restaurant jobs added in February.

Things remain murky on the longer-term implications of the crisis. The surge in employment in February was entirely driven by people no longer being on temporary layoff — the number of these temporarily unemployed workers fell by 517,000 people. The number of permanent job losers remained steady at astronomical levels — 2.2 million higher than a year ago.

That raises questions about which jobs destroyed during the pandemic will come back. Are there certain patterns of behavior and business models that are gone forever? And what will the people who once worked in those businesses do now?

That’s the hardest question about the future. It is easy to describe the pathway back for jobs at schools and restaurants. But true economic health will mean that those 2.2 million people find their way back into the ranks of the employed as well, and that could take more than just a shot in the arm.

View Source

Filed Under: BUSINESS Tagged With: Business, Coronavirus, Coronavirus (2019-nCoV), Economy, Education, Government, Jobs, Labor and Jobs, Layoffs and Job Reductions, Money, Restaurants, Senate, State, travel, unemployment, United States Economy

Primary Sidebar

More to See

Florida Judge Will Temporarily Block 15-Week Abortion Ban

MIAMI — In a welcome but likely brief victory for supporters of abortion rights, a judge in Florida blocked a state law banning abortions after 15 … [Read More...] about Florida Judge Will Temporarily Block 15-Week Abortion Ban

Stake – Cash Back and Banking Services for Renters –  Raises $12 Million in Series A Funding

NEW YORK--(BUSINESS WIRE)--Stake, which provides Cash Back and banking services to renters, announced today the completion of its $12 million Series A … [Read More...] about Stake – Cash Back and Banking Services for Renters –  Raises $12 Million in Series A Funding

Former Sacramento home of Ronald and Nancy Reagan for sale

The Sacramento home where Ronald and Nancy Reagan lived during his tenure as governor of California has hit the market for $5 million.Built in 1929, … [Read More...] about Former Sacramento home of Ronald and Nancy Reagan for sale

Copyright © 2022 · Republica Press · Log in · As an Amazon Associate we earn from qualifying purchases.

Terms and Conditions - Privacy Policy