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Writer's pictureTom Cochran

Unhappy Labor Day, Everybody

While unemployment is creeping down nationally - and in fact is now below the peak of the Great Recession - it appears from the most recent unemployment compensation claims data that it's rising again in 11 states, according to a Pew State Line analysis. Those 11 states are: California, Connecticut, Georgia, Hawaii, Kentucky, Louisiana, Michigan, Minnesota, Nevada, Texas and Vermont.


With 4 out of those 11 states being in the Northeast and Midwest, the region's leaders in Congress, statehouses and city halls should be on high alert for economic as well as Covid contagion heading into the fall.


The Wall Street Journal has produced "Why America's Jobs Recovery Is Different From Other Countries'," a terrifically useful video comparing the labor markets and the contrasting labor income support programs of a number of peer-group countries coping with the pandemic around the world.

 

As I write this, all three stock market indices are tanking for a second day in a row. Could it be that investors are now waking up to the medium and long-term implications of what's really happening as the nation tries to crawl up out the Greater Recession in a reverse square root-shaped recovery, and as the federal government continues to keep its foot off the stimulus gas petal? And as the Senate and WH continue studiously ignoring the state and local government fiscal crisis which is already braking the recovery process?



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