October Jobs Report: Strong Economic Recovery is Unsustainable Without Additional Federal Stimulus
Dr. Bernard E. Anderson
The Wharton School, University of Pennsylvania
Senior Economic Advisor, National Urban League
The October Jobs Report released this week shows the economy is bouncing back strongly as businesses reopened across the country, but recent employment gains will be unsustainable without additional federal stimulus to bolster household income.
Consumer spending that was boosted by the CARES Act drove the numbers. The unemployment compensation programs that drove the spending expired in late July, reducing household income.