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JUST IN: Final jobs report before Election Day shows 661,000 positions added last month, but the pace of gains has drastically slowed; unemployment rate 7.9%.
Trump repeatedly claimed before and after his 2016 election that he will be “the greatest jobs president God ever created.” However, an overall 4.7 million net jobs have been lost during the Trump administration.
Despite coasting on the back of the longest labor expansion in U.S. history, Trump has failed to execute any specific job creation policies, except for tax cuts principally benefiting corporations and the wealthy. During Tuesday’s debates Democratic candidate Joe Biden incorrectly said that Trump will be the only president leaving office with fewer jobs overall than when he entered. As far as recorded government data shows, Trump would actually be the first since Herbert Hoover lost the presidency as Great Depression job losses then gripped the nation. Only 246,000 net manufacturing jobs have been added during Trump’s administration. But during the debate he falsely claimed over 700,000 had been added.With the pandemic nearing its seventh month, the jobless toll continues to mount. The axe has fallen particularly heavily this week:on Wednesday after months of negotiations failed to produce a deal that would extend funding. Disney announced on Tuesday it would be laying off 28,000 workers. Oil giant Royal Dutch Shell confirmed this week it will lose 9,000 employees, and refiner Marathon Petroleum said Thursday it would be cutting 12 percent of its workforce. Allstate will also cut 3,800 jobs. Hiring for the holiday shopping season will bring down some unemployment. Big-box retailers such as Walmart, Target and Best Buy have already started hiring thousands of associates, with the bulk of those positions in warehousing and fulfillment. As infections spike in some areas and experts warn of a winter surge in cases, perils persist — most especially in industries directly exposed to coronavirus dangers., according to a new report by the state comptroller, slashing jobs for waiters and restaurant staff and sales for their suppliers. The majority of economists agree that the shape of the nation's economic recovery will be a “reverse radical symbol” where activity starts at a high level, plunges, and then returns to a lower level with a long period of extremely slow recovery. Trump said during the debates that the recovery would be “V-shaped,” indicating a sharp decrease followed by a swift return to the way things were. That’s only true for the fortunes of tech giants, which have soared in the rush to online shopping, internet-based activity, and cloud computing services.“Businesses have more certainty now that the new normal will be here for a long time,” said Julia Pollak, a labor economist at jobs site ZipRecruiter. “That is leading many disrupted industries to restructure, close locations, and finally convert furloughs to permanent layoffs. But it is also leading industries that have benefited from the crisis to expand their capital investments and hiring plans. Companies that were hedging before are now making the leap, reinventing themselves, pivoting to providing services online, outdoors, or in homes, and spreading the word.” She predicts gains will be relatively small for the next several months, between 500,000 to 1.5 million, compared to the 11 million they have to make up for. “Behind the topline figures, we'll continue to see tremendous churn for the next few months,” Pollak said.
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