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

Oct. 02, 2020 12:31PM EST
 Dan Ackermann

The U.S. economy added 661,000 jobs in September, while the unemployment rate fellto 7.9%from 8.4%, the government said on Friday.

Why it matters: The final jobs report before the election showed a slowdown in hiring — a sign the labor market is in for a longer road to recover from the coronavirus pandemic.

The big picture: Economists warn it will be years before the labor market fully recovers from the walloping earlier this year — if the jobs come back at all.

  • Brian Rose, an economist at UBS, told Axios he expects that 5 million Americans will lose jobs permanently because of the pandemic.

In the meantime, America's labor market picture is darkening.

  • This week was among the worst for the labor market in recent history, with tens of thousands of workers laid off at America’s biggest businesses — including 28,000 workers at Disney theme parks.
  • Airlines are beginning to let go of 32,000 employees, in the absence of additional stimulus from Washington.
  • None of these losses were factored into the jobs report, since the survey period ended in mid-September.

Go deeper: The Trump jobs record

Defense makes closing arguments in Chauvin trial

Chauvin's defense attorney Eric Nelson opened his closing argument on Monday by reminding the jury that Derek Chauvin "does not have to prove his innocence."

Why it matters: The jury's verdict in Chauvin's murder trial is seen by advocates as one of the most crucial civil rights cases in decades.

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In his first major speech, Attorney General Merrick Garland warned the nation Monday to remain vigilant against the rising threat of domestic extremism.

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Steve Schleicher, an attorney for the prosecution in Derek Chauvin's trial, began closing arguments on Monday by describing in detail George Floyd's last moments — crying out for help and surrounded by strangers, as Chauvin pressed his knee into Floyd for nine minutes and 29 seconds.

Why it matters: The jury's verdict in Chauvin's murder trial, seen by advocates as one of the most crucial civil rights cases in decades, will reverberate across the country and have major implications in the fight for racial justice.

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Why it matters: This new league, set to start in 2023, "would bring about the most significant restructuring of elite European soccer since the 1950s, and could herald the largest transfer of wealth to a small set of teams in modern sports history," writes NYT's Tariq Panja.

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81% of S&P 500 companies have reported a positive earnings surprise for Q1

First-quarter earnings so far have been very strong, outpacing even the rosy expectations from Wall Street and that's a trend that's expected to continue for all of 2021. S&P 500 companies are on pace for one of the best quarters of positive earnings surprises on record, according to FactSet.

Why it matters: The results show that not only has the earnings recession ended for U.S. companies, but firms are performing better than expected and the economy may be justifying all the hype.

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NASA's Mars helicopter takes flight as first aircraft piloted on another planet

NASA successfully piloted the Ingenuity Mars helicopter for its first experimental flight on Monday, briefly hopping the aircraft as NASA's Perseverance rover collected data.

Why it matters: Ingenuity's short flight marks the first time a human-built aircraft has flown on a world other than Earth, opening the door to new means of exploring planets far from our own.

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All U.S. adults now eligible for COVID-19 vaccine, meeting Biden's April 19 deadline

All 50 U.S. states, plus Washington, D.C. and Puerto Rico, have now made U.S. adults over the age of 16 eligible for COVID-19 vaccines, meeting President Biden's April 19 deadline.

Why it matters: The landmark speaks to the increased pace of the national vaccination campaign, but will increase pressure on the federal government, states and pharmaceutical companies to provide adequate vaccine supply and logistics.

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Minneapolis braces for a verdict in the Derek Chauvin trial

Minneapolis is waking up to images of an occupied city on Monday, as the city and the world await a verdict in the Derek Chauvin trial.

What it's like: Residents running errands, picking up dinner and heading to the dog park in recent days encountered heavily-armed National Guard troops stationed throughout the city.

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