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Slowing Job Growth Highlights Need for Stimulus, Says Marcus & MIllichap
The slowing pace of job creation, coupled with rising COVID-19 cases and a growing number of long-term unemployed workers, emphasizes the importance of additional stimulus, Marcus & Millichap says in a Research Brief.
“Whether passed by the current or incoming Congress, such legislation will be critical to buttressing the economy until vaccines can be widely distributed,” according to Marcus & Millichap. “The recent rollback in Pfizer’s production schedule highlights the acute manufacturing and logistical complications that may extend the time before which most people will have access to a vaccine.”
November’s pace of hiring, while above the historical average, nonetheless was the slowest of the pandemic period and is tied to the cessation of fiscal stimulus and a “major resurgence” in COVID-19 infections, says Marcus &Millichap.
“The return of stricter lockdown requirements will weigh on overall employment growth through year-end,” according to the Research Brief.
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- ◦Economy
