Is the economy half-full or half-empty? That’s the burning question after a surprisingly upbeat U.S. jobs report for August.
The expiration of federal aid for the unemployed at the end of the July and the still-spreading coronvirus were supposed to put a big dent in the economy last month. But so far the evidence is thin.
“The big picture is that even in the face of a summer flare-up in virus cases, the U.S. economy managed to soldier on reasonably well,’ said Douglas Porter, chief economist of BMO Capital Markets.Big hurdles still remain, of course. “Clearly some industries remain flat on their back, and a full labor market recovery for the U.S. economy is not yet in sight,” said chief economist Scott Anderson of Bank of the West.
Many are still worried the end of federal aid will eventually take the air out of the recovery unless Democrats and Republicans break a deadlock in Washington and come to the rescue again. So far neither side has budged just a few months before what could turn out to be one of the most contentious presidential elections in American history in November.
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