McBride with his usual balanced take on recent economic releases with the graphs that keep the numbers in perspective. The headline number shows job growth but the job drops in March/April were epically bad hence we are far far away from normal.
https://www.calculatedriskblog.com/2020/08/july-employment-report-18-million-jobs.html
https://www.calculatedriskblog.com/2020/08/comments-on-july-employment-report.html
And this chart for BofA/US Treasury shows how fast the ending of the federal unemployment supplements is manifesting. Given on-going weak aggregate demand related to Covid most of these folks will struggle to obtain employment. Without the supplements the unemployed spending will drop quickly creating further unemployment. This would be why amidst weak aggregate demand fiscal stimulation in the form of unemployment supplements is a very proven way to mitigate recessionary spirals.
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