【Zillow】 Market Pulse: October 2, 2020

The September job figures confirmed that the labor market is losing steam. The economy added 661,000 jobs last month, well below expectations, and almost 11 million jobs from February are still missing. Permanent unemployment continues to rise and some groups are being left behind.

The labor market did improve in September…

•  The U.S. economy added 661,000 jobs in September.

• The headline unemployment rate fell to 7.9%.

…but the pace of improvements is slowing, job losses are becoming more permanent…

• The share of the prime age (ages 25-54) population with a job fell on the month.

• The number of people who were permanently let go rose 345,000 in September to 3.8 million.

…and certain groups appear to be getting left behind.

• 86% of the people who left the labor force in September were women.

• White employment has recovered at a far faster rate than that of other races.

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