US: Weakening Jobs Market Enters Critical Phase

But better times are coming

Despite all this near-term uncertainty and anxiety about the economy, we remain upbeat on the prospects for 2021 as a vaccination program allows a full re-opening of the economy with consumers able to fully re-engage with the economy. It also would give businesses the clarity to finally put money to work on investment and hiring (remember there are still 10mn fewer people in work than in February). Throw in a fiscal stimulus of the order of 4% of GDP and we see very vigorous growth from late 1Q21 onwards.

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