August Jobs: Goods Versus Services

Almost to the Bottom

I find it helpful to compare everything to the Great Financial Crisis. Most everyone reading this remembers it well, and until now it was the worst economic disaster of our lives. As far as jobs are concerned, we still have a little ways to go to get back to the worst of 2008-2010. As you can see, temporary workers on the 2010 Census helped turn it around a bit, but we are about to lose that 2020 boost, 288,204 jobs on the week of the jobs surveys.

But that green line is hiding a wide disparity across industries and sectors. What we saw in June and July consumption was that services remained terrible, but goods industries were actually above February levels. Many of the services people purchase are closed or unsafe, so they have taken the brunt of the storm.

But people are also stuck in

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