The economy is changing amid COVID-19
LANSING, Mich. (WILX)- Some economists are worried it may actually slow the talks over a new coronavirus relief bill.
As businesses open their doors and bring back laid-off workers, the U.S. economy added 1.8 million jobs in July. This lowered the unemployment rate from 11% to 10.2%.
“The policies the President put in place will put the rate significantly below ten percent going forward and that’s just good news,” said Tyler Goodspeed of the Council of Economic Advisors.
But, the job gains are lower than in May and June.
“We have a total of 31 million people collecting some kind of unemployment,”said Former Deputy Labor Secretary Chris Lu.
“This is the low hanging fruit coming back-it came back with tremendous federal assistance-that assistance has now ended,” said Former Council of Economic Advisors Chair Jason Furman.
Top White House officials back on Capitol Hill today; resuming talks with Democrats over the next relief bill after negotiations ended bitterly last night. Economists warn the recovery may only get harder.
“I offered to them, we’ll take down a trillion if you add a trillion in. They said absolutely not,”said Rep. Nancy Pelosi.
Time is running out for the workers and small business owners struggling to hang on.
“Pretty soon, I’ll be sellin’ my house to try to keep this restaurant alive. My message to Washington, D.C. is: Stop bickering with each other,”said cafe owner Silvana Salcido Esparza.
President Trump says he’s considering an executive order to address evictions, unemployment benefits, and a payroll tax cut. But, there are looming questions over whether he could legally go around Congress.
“Some of the biggest hang-ups in negotiations are extending those enhanced $600 unemployment benefits and offering further aid to state and local governments,”said NBC News’ Alice Barr.
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