The nation’s corporate media have mostly downplayed or ignored the U.S. economy’s remarkable performance following the COVID-19 lockdowns earlier this year. They have completely ignored how pandemic-related economic restrictions in many states have prevented the ongoing recovery from being even stronger.
In just five months, the unemployment rate has fallen by 45 percent from its April peak of 14.7 percent, and the economy has also regained just over half of the 22.2 million jobs lost in March and April. This is a far better performance than most economists expected. Media outlets far and wide, and even the Congressional Budget Office, originally predicted that it would take ten years for the economy to fully recover.
The government’s Bureau of Labor Statistics (BLS) told us on Oct. 2 that the nation’s seasonally adjusted unemployment rate in September was 7.9 percent (down from 8.4 percent in August), and that the economy added 661,000 jobs during the month.