Dr. Chhoda explores recent economic trends from Morning Consult that reveal:
1. Americans continued to gradually return to work in August, with 8.6% of workers who were employed in January reporting they were out of work in August, down from 11% in the first half of July.
2. Recent improvements in the demand for labor are creating two distinct employment paths as the economy recovers. On the one hand, a growing share of workers who are now back to work feels secure in their jobs and does not expect to suffer a loss of employment income over the next four weeks. On the other hand, unemployed workers are losing hope of returning to their prior jobs, and 50% of unemployment insurance recipients are unable to cover their basic expenses with the money they receive from UI benefits.
3. Barring dramatic developments in the spread of the virus, all indicators suggest that U.S. workers are likely to continue experiencing modest employment improvements on average, with unemployed workers likely to experience prolonged unemployment and suffer financial hardship.
TABLE OF CONTENTS
0:00 Division of the American Workforce
2:05 Two Distinct Employment Paths
4:42 Unemployment Rate Continues its Gradual Decline
6:38 More Workers Report Pre-Pandemic Labor Productivity
8:15 Unemployed Workers Grow More Pessimistic About Returning to Their Jobs