Number of the Day Shows Long Road Ahead for Job Recovery

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Number of the Day

That’s when the U.S. economy might finally regain all of the jobs lost during the pandemic, according to a majority of the economists polled by the Wall Street Journal

Fifty-five percent of the 63 economists surveyed by the Journal in October said it would take until at least 2023 to fully recover, including 12.2% who said it would be after 2023, the Journal reported this week. This is a more pessimistic outlook than in April, when a bigger portion of those surveyed pegged the recovery to 2022, the Journal said. 

Among the reasons for the increased pessimism are the potential for COVID-19 cases to worsen and a lack of new economic relief measures from the government, the economists told the Journal. Democrat and Republican lawmakers have been unsuccessful in reaching a deal on another stimulus package, and this week President Donald Trump sent mixed signals about his willingness to negotiate. As of Friday morning, he said on Twitter that negotiations were “moving along.” 

Employers are adding jobs to the economy, but September's growth was less than half of August’s and there are still 10.7 million fewer jobs now than in February, before the pandemic shocked the economy.

Article Sources

  1. Wall Street Journal. "Economic Forecasting Survey." Accessed Oct. 9, 2020.

  2. Wall Street Journal. "WSJ Survey: 43% of Economists Don’t See U.S. Gaining Back Lost Jobs Until 2023." Accessed Oct. 9, 2020.