Waves of fresh furloughs are poised to hit American workers as companies wake up to the reality that the coronavirus is proving more intractable than they initially thought.
“The ‘V-shaped’ recovery is a mirage,” said Nick Mazing, director of research at data provider Sentieo. “We are seeing a permanent reduction in the size of several sectors in the economy.”
While the economy added an estimated 1.4 million jobs in August, according to Friday’s government jobs report, the number actually points to a slowdown in the recovery. The total positions added is below the 1.7 million job gains for July, and far below the 4.8 million added in June.