Hundreds of people line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, US June 18, 2020.
Friday’s figures from the Labor Department suggest that employers have rehired roughly all the workers they can afford to after having laid off more than 22 million in the spring — the worst such loss on record. With consumer spending barely growing over the past few months, most companies have little incentive to hire. The economy still has 9.9 million fewer jobs than it did before the pandemic sent it sinking into a deep recession nearly a year ago.
In recent months, retailers have been especially hurt by the slump in consumer spending. Debit and credit card data tracked by JPMorgan Chase, based on 30 million accounts, shows that Americans slowed their purchases during the holiday shopping season. Such spending was six percent lower in December compared with a year ago. That was worse than in October, when card spending was down just two percent from the previous year.
Late on Wednesday, Goldman Sachs upgraded its forecast for economic growth this year to a robust 6.4 percent from its previous estimate of 5.9 percent. Its upgrade was based in part on the expectation that the Biden administration will implement more stimulus.
And you wonder why they stormed the in Washington? Democrats closing down cities and breaking their own rules. But notice that republicans keep theirs open for businesses.
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