Zions Bank released the following information about a slowing job market recovery:
For the fifth month in a row, the labor market recovery slowed. The U.S. added 245,000 jobs in November, an overall increase of jobs, but nearly 365,000 fewer jobs than were added in October. The labor market continues to struggle to recover from the COVID recession. While economic prospects look good several months in the future, the economy will continue to struggle in the short-term.
The U.S. economy is in a difficult position right now. With the rollout of a COVID vaccine there is renewed hope that economic growth could accelerate by mid-2021. However, the current environment of peaking coronavirus cases and increased lockdown restrictions will continue to constrain the economy. Without more federal stimulus support, the current slowing job market could once again contract, pulling the economy into a “double-dip” recession.