It looks like the economy is beginning to short out again.
As if the president didn’t have enough to worry about Friday, it looks like his economic recovery is sick, too., as employers added just 661,000 workers to their payrolls, less than half the number they hired the month before.
After its rapid early stages, in which shuttered businesses first began to reopen and millions of Americans got back to the grind, the country’s big rebound is pretty clearly losing momentum.Someone absolutely hellbent on finding optimistic news in this jobs report might point to the unemployment rate, which did fall from 8.4 to 7.9 percent. But that number really obscures just how much economic wreckage remains thanks to the coronavirus. The government only counts people as “unemployed” if they are both out of a job and searching for work. But at this point, many Americans have been sidelined entirely from the job market. On top of the 12.6 million officially unemployed, for instance, 4.5 million people not in the labor force said they hadn’t looked for work because of the pandemic. Broader measures of joblessness are also showing signs of trouble. The overall share of Americans with a job was
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