The May jobs report, due May 8, will take into account all that has happened with jobs and the economy into mid-April, said Elise Gould, a senior economist with the Economic Policy Institute. It also will show which sectors of the economy were hit hardest, as well as the demographic groups affected most severely by the pandemic-related economic stall.
Figures from Washington state, the first epicenter of the coronavirus outbreak, while themselves preliminary, give a clue to what the rest of the nation could expect. Three job categories suffered month-to-month double-digit job losses: accommodation and food services, 16.5%; arts, entertainment and recreation, 11.3%; and “other services” outside of public administration, 10.9%.
The $2 trillion stimulus package hammered out by Congress and signed into law by Trump in late March is “not stimulus so much as relief and recovery,” Gould said. “What we need to do right now is ease people’s pain … ease people’s pain from these job losses.”
She added, “People are losing their job and they’re not going to be able to put food on the table, this CARES (Coronavirus Aid, Relief and Economic Security) Act, what it does, it expands unemployment insurance so that more people can get it for a more expansive number of reasons related to COVID-19.” Gould said more action will need to be taken in Washington to get the country through and past the pandemic.