More than half of business and academic economists polled this month said they didn’t expect the labor market to claw back until 2023 or later all the jobs lost as a result of coronavirus-related shutdowns
the continued spread of the coronavirus
and uncertainty over prospects for another stimulus package and the outcome of the presidential election, according to a new Wall Street Journal survey of economists. . That is a slower timeline than economists predicted six months ago.as more layoffs turned permanent, adding to signs that the economy faces a long slog to fully recover from the coronavirus pandemic.
“The slowing momentum in the labor market bodes poorly for the broader recovery and points to increasing scarring effects from the crisis,” said Gregory Daco, chief U.S. economist at Oxford Economics. The U.S. had nearly 11 million fewer jobs in September than it did in February. Nearly 4 million of the jobs lost since the start of the pandemic were in the leisure and hospitality sector, according to the Labor Department. Economists say recovery in travel and hospitality has been slower than expected earlier in the pandemic because of continued high coronavirus infection rates.
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