This morning the Bureau of Labor Statistics reported that the economy added 661,000 jobs in September. This lowered the unemployment rate half a percentage point to 7.9 percent.
The continued growth in jobs is a positive indication. It means the recovery is continuing. But unfortunately, the rate of growth has slowed to a concerning degree. The number of jobs in the economy remains significantly below pre-Covid levels.
The rapid job gains we saw upon reopening were driven by massive numbers of workers who were temporarily laid off and then recalled to work. Workers who remain unemployed will likely return to work more slowly.
Getting a handle on the pandemic, which is the only thing that will allow a return to business as usual, will be the key to unleashing the level of growth necessary for a full recovery. In the meantime, Congress should be working on new legislation to support Americans, their families, and their businesses as they weather this storm.
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Beth Akers is a senior fellow at the Manhattan Institute and a former Council of Economic Advisors economist. Follow her on Twitter here.
