2.6mm Jobs Lost this Month

The U.S. Census has been doing flash surveys every week since April on Employment. The data so far this month suggests the economy has lost 2.6mm jobs.

The data is delayed about 8 days but, as noted a week or so ago, this is to be expected because restaurant data had been dropping. Here’s the updated graph between restaurant traffic and Employment.

The good news is that next week the restaurant data suggests either no or a smaller drop in jobs.

With that said, 2.5mm jobs is huge and will increase unemployment by almost 2% next month.