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September 18, 2020

Jobs Are Coming Back Across The Country

Key Takeaways:

  • The unemployment rate fell in 41 states last month according to new Labor Department data

    • 8 states saw their unemployment rate drop by 3 percentage points or more, and a total of 16 states saw a drop of 2 percentage points or more

  • 40 states added back jobs in August, and 31 states added back 10,000 or more jobs

    • 39 states have added back 50,000 or more jobs since April

  • Earlier this month, the Labor Department announced the U.S. added back an incredible 1.4 million jobs in August, the fourth highest one-month job gain in U.S. history

    • In total, the economy has added back 10.6 million jobs over the last four months, nearly half of all the jobs lost due to the pandemic

    • The unemployment rate fell to 8.4 percent in August, seeing the second-largest one month decrease in U.S. history

    • President Trump’s efforts to protect American workers and businesses during the coronavirus epidemic have clearly worked

  • The American economy is coming back strong, with today’s jobs numbers being the latest good news

(Bureau Of Labor Statistics, Accessed 9/18/20)

JOBS ARE COMING BACK ACROSS THE COUNTRY

The Unemployment Rate Fell In 41 States

In August, The Unemployment Rate Fell In 41 States. (Bureau Of Labor Statistics, Accessed 9/18/20)

The Unemployment Rate Has Dropped In All 50 States Since April. (Bureau Of Labor Statistics, Accessed 9/18/20)

40 States Added Jobs Back In August

In August, Nonfarm Payroll Increased In 40 States. (Bureau Of Labor Statistics, Accessed 9/18/20)

29 States Have Added Back 100,000 Or More Jobs Since April. (Bureau Of Labor Statistics, Accessed 9/18/20)

THE ECONOMY HAS ADDED BACK MORE THAN 10 MILLION JOBS SINCE APRIL

1.4 Million Jobs Were Added Back In August

Nonfarm Payroll Increased By 1.4 Million In August. (Bureau Of Labor Statistics, Accessed 9/4/20)

In Total, The Economy Has Added Back 10.6 Million Jobs Back Over The Last Four Months. (Bureau Of Labor Statistics, Accessed 9/4/20)

  • 48 Percent Of All Jobs Lost Due To The Coronavirus Have Been Added Back In The Last Four Months. (Bureau Of Labor Statistics, Accessed 9/4/20)

The Number Of Unemployed Americans Dropped By 2.8 Million In August, The Second Largest One-Month Decrease In U.S. History. (Bureau Of Labor Statistics, Accessed 9/4/20; Bureau Of Labor Statistics, Accessed 9/4/20)

Unemployment Fell Across The Board

The Unemployment Rate Decreased From 10.2 Percent To 8.4 Percent In August. (Bureau Of Labor Statistics, Accessed 9/4/20)

The Unemployment Rates For Adult Women, Black Americans, Hispanic Americans, Asian Americans, And Veterans All Fell. (Bureau Of Labor Statistics, Accessed 9/4/20; Bureau Of Labor Statistics, Accessed 9/4/20; Bureau Of Labor Statistics, Accessed 9/4/20; Bureau Of Labor Statistics, Accessed 9/4/20; Bureau Of Labor Statistics, Accessed 9/4/20)

The Great American Comeback, Better Than The Biden “Recovery”

In The Last Four Months, 48 Percent Of The Jobs Lost During The Pandemic Have Now Been Recovered. (Bureau Of Labor Statistics, Accessed 9/4/20)

  • It Took 27 Months For The Same Percentage Of Jobs To Return During The Biden-Led “Recovery.” (Bureau Of Labor Statistics, Accessed 9/4/20)

The 1.4 Million Jobs Added Back In August Is 2.5 Times As Large As The Best Month Of Jobs Gains During The Biden “Recovery.” (Bureau Of Labor Statistics, Accessed 9/4/20)

The Trump Administration’s Actions Have Protected American Businesses And Workers

The Paycheck Protection Program Has Provided $525 Billion To Over 5.2 Million U.S. Businesses, Protecting A Total Of More Than 51 Million Jobs. (“Paycheck Protection Program (PPP) Report,”  U.S. Small Business Administration, 8/8/20; “Paycheck Protection Program (PPP) Report,” Small Business Administration, 6/30/20)

The IRS Has Issued A Total Of $265 Billion In Coronavirus Relief Payments To 158 Million Americans. (News Release, “Treasury, IRS Deliver 89.5 Million Economic Impact Payments In First Three Weeks, Release State-By-State Economic Impact Payment Figures,” IRS, 7/17/20)  

THE GREAT AMERICAN COMEBACK IS UNDERWAY

Weekly Jobless Claims Continues To Fall, Beating Expectations

This Week, New Jobless Claims Fell To 875,000, Beating Expectations.  “First-time claims for unemployment insurance beat Wall Street estimates last week as the U.S. economy enters a critical new stage. Filings totaled 860,000 for the week ended Sept. 12, the Labor Department reported Thursday. Economists surveyed by Dow Jones had expected 875,000, against the previous week’s upwardly revised 893,000.”  (Jeff cox, “Jobless Claims Were Lower Than Expected But Employment Growth Is Still Sluggish,” CNBC, 9/17/20)

  • New Jobless Claims Have Hit Their Lowest Level Since Mid-March, Before The Pandemic. “The number of new applications for unemployment benefits dipped to 881,000 last week, the Labor Department reported Thursday in an encouraging sign for the economy. Forecasters had projected 950,000 new jobless claims. Instead, claims fell to the lowest level since mid-March, before the pandemic induced mass layoffs.” (Jay Heflin, “New Jobless Claims Fall To Lowest Level Since Mid-March,” Washington Examiner, 9/3/20)

  • Jobless Claims Has Been Trending Downward Over The Past Several Months. “The total number of Americans receiving unemployment benefits fell sharply for the week ended July 25, down more than 3 million to 28.26 million, also pointing to a downward trend in joblessness. A year ago, that number was 1.7 million.”  (Jeff Cox, “U.S. Weekly Jobless Claims Fall To 963,000, First Time Below 1 Million Since Mid-March,” CNBC, 8/13/20)

Manufacturing Has Grown For Four Straight Months

Manufacturing Grew In August According To The Institute Of Supply Management’s Manufacturing Index. “Economic activity in the manufacturing sector grew in August, with the overall economy notching a fourth consecutive month of growth, say the nation’s supply executives in the latest Manufacturing ISM® Report On Business®. The report was issued today by Timothy R. Fiore, CPSM, C.P.M., Chair of the Institute for Supply Management® (ISM®) Manufacturing Business Survey Committee: ‘The August PMI® registered 56 percent, up 1.8 percentage points from the July reading of 54.2 percent.” (Press Release, “PMI at 56.0%; August 2020 Manufacturing ISM Report On Business,” Institute For Supply Management, 9/1/20)

  • Manufacturing Activity In August Reached A 19 Month-High. “The Institute for Supply Management (ISM) said on Tuesday its index of national factory activity increased to a reading of 56.0 last month from 54.2 in July. That was the highest level since January 2019 and marked three straight months of growth.” (Luci Mutikani, “U.S. Manufacturing Activity At 19-Month High In August,” Reuters, 9/1/20)

The Stock Market Has Rebounded

In August, The S&P 500 Closed At A Record High, “Capping A Remarkable Rebound” And Marking “The Index’s Fastest-Ever Recovery From A Bear Market.” “The S&P 500 closed at its highest level ever Tuesday, capping a remarkable rebound fueled by unprecedented government stimulus and optimism among investors about the world’s ability to manage the coronavirus pandemic. … The whole chapter, from peak-to-peak, spanned just 126 trading days and marks the index’s fastest-ever recovery from a bear market.”  (Michael Wursthorn, “S&P 500 Sets First Record Since February, Erasing Its Coronavirus Plunge,” The Wall Street Journal, 8/18/20)

Earlier This Month, The Nasdaq Achieved A New Record High. (Sinead Carew, “S&P, Nasdaq Close At Record Highs In Tech-Fueled Rally,” Reuters, 9/1/20)

Consumer Spending Has Rebounded To Pre-Pandemic Levels

In July, Consumer Spending Rose 1.9 Percent. “Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 1.9% last month, after jumping 6.2% in June.”  (Lucia Mutikani, “U.S. Consumer Spending Rises Strongly; Outlook Uncertain As Fiscal Stimulus Fades,” Reuters, 8/28/20)

  • “U.S. Consumer Spending Increased More Than Expected In July, Boosting Expectations For A Sharp Rebound In Economic Growth In The Third Quarter…” (Lucia Mutikani, “U.S. Consumer Spending Rises Strongly; Outlook Uncertain As Fiscal Stimulus Fades,” Reuters, 8/28/20)

Spending On Goods “Has Rebounded Above Its Pre-Pandemic Level.” “Consumers boosted purchases of goods like new motor vehicles. They also lifted spending on healthcare, dining out and hotel and motel accommodation. While spending on goods has rebounded above its pre-pandemic level, outlays on services are about 9.7% from recovery as consumers remain wary of exposure to the coronavirus.” (Lucia Mutikani, “U.S. Consumer Spending Rises Strongly; Outlook Uncertain As Fiscal Stimulus Fades,” Reuters, 8/28/20)

Retail Sales Have Increased Four Months In A Row

Retail Sales Have Increased For 4 Straight Months. “U.S. consumers increased retail spending in August for the fourth straight month but at a slower pace than earlier in the summer as the economy tried to recover with the coronavirus pandemic still under way.”  (Harriet Torry,” U.S. Retail Spending Grew at Slower Pace in August,” The Wall Street Journal, 9/16/20)

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