For several weeks, real-time data has suggested that the economic recovery could be stalling in the United States. But new data from the Census Bureau on Wednesday reveals that employment has taken a significant hit and the economy could be declining again.
The New York Times reported Wednesday, that new data from the Census Bureau showed that the number of employed people fell by more than 4 million last week — marking the fourth consecutive week of decline. The Times reported that the data, if taken literally, may indicate that job gains that were once touted by President Donal Trump may have been lost since mid-May, when new coronavirus cases surged in parts of the country.
Just under 52 percent of American adults were employed last week, according the survey, down from 54 percent in June.
The data comes from the bureau’s weekly Household Pulse Survey, an experimental effort to track the pandemic’s economic impact.
The survey’s track record, although brief, has been solid. It correctly signaled, for example, the significant rise in employment in the jobs report for June, the Times said.
The latest data corresponds to the survey week for the July report, which will be released in early August. If the results hold up again, it suggests that report could show a loss of millions of jobs, just as enhanced unemployment benefits from the federal government are set to expire.