Paul Krugman+ Your Authors @paulkrugman Nobel laureate. Op-Ed columnist, @nytopinion. Author, “The Return of Depression Economics,” “The Great Unraveling,” "Arguing With Zombies," + more. Jul. 23, 2020 1 min read + Your Authors

The unemployment claims number was terrible by any normal standard, although it's kind of the new normal. It's one of various indicators suggesting a stall in the economic recovery 1/

We really don't know whether the next official employment number, which will be for "July" but actually a snapshot of the 2nd week, will be a small positive or negative. Politically that may matter; the reality is that either way we're stuck deep in a hole 2/

It's a really terrible time to be cutting off aid to 30 million unemployed Americans. But that's what Rs in the Senate are doing, apparently believing that restaurant workers etc. are living the good life on the dole and need to be forced back into their petri dishes 3/

PS: there will only be 2 job reports after the one coming in 2 weeks. Even if they're good, which is unlikely, how much can that help Trump at this point? fin/


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