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United States Job Market Still 10 Million Jobs Short

10 Million Jobs Short
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EDITOR NOTE: The stock market may cheer-on, discount, or altogether ignore the weekly jobless claims, depending on whether the figures beat or miss analyst expectations. Overall, however, investors, with their typical and characteristic myopia, aren’t quite getting the concept that no matter how many battles are won/lost in the jobs front on a weekly basis, the longer-term war is close to being lost. Economic recovery is speculative and artificial at best. The financial markets are soaring while many on the darker corners of Main Street are subsisting on crumbs. Yet, the Federal Reserve has optimistic forecasts of growth as it papers-over the fires that are burning the economy to the ground. As you know, paper burns. But since it’s the Fed’s only means of putting out a fire, it’ll continue to print more until eventually, it figures out that its paper solution might not be the wisest way to extinguish a monetary firestorm.

San Francisco Federal Reserve President Mary Daly on Thursday said the U.S job market was "definitely still in a ditch," with the economy still nearly 10 million jobs short of where it was before the COVID-19 crisis.

Though economic growth is expected to surge this year and unemployment to fall, Daly said, "we are far from done ... this is not a work that we can say, victory is here - not even by the end of this year or the next will victory be before us. We really have to make sure that every American who wants a job has one, and that people are back to their livelihoods."

Originally posted by Yahoo! Finance

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