October 6, 2020

The Labor Department reports that 661,000 new jobs were created in September. That’s lower than the 800,000 expected, but it was good enough to drop the unemployment rate from 8.4% to 7.9%. Black unemployment dropped from 13 to 12.1%, and Asian-American unemployment fell from 10.7 to 8.9%. The biggest drag on Americans getting back to work was the government, thanks to schools remaining closed. Also, of course, thanks to some state governments that are keeping businesses closed indefinitely (remember the good ol’ days of “Two weeks to flatten the curve?” How did that turn into “Hide in your basement from here to eternity”?)

Those draconian policies are what’s responsible for the increase of 345,000 in permanent job losses, due to employers being forced to give up and go into bankruptcy because of the endless shutdowns.

But as Rick Moran notes at the link, overall, it’s a positive jobs report, and it’s the last one that will be released before the election. He also notes that Joe Biden has stopped promoting his “Build Back Better” slogan, likely because it’s becoming obvious that we don’t need massive government intervention to rebuild the entire economy. We just need to get Democrats out of the way so people can get back to work. Say, that would be a great slogan, but probably not one that Joe would want to use.

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