Mixed Signals on Economy

We have been tracking the economy via the labor market. Sometimes it seems to indicate a stalled recovery. Sometimes it shows some recovery.

Today, the monthly state labor market indicators are out from the U.S. Bureau of Labor Statistics for the month of July. So we are looking backwards. California's unemployment rate - which remains distorted due to the effect of the coronavirus on data collection - was 13.9%, down from 14.9% the month before. The U.S. overall unemployment rate was lower: 10.2%. So, California remains more hard-hit than the average. Nonfarm payroll employment rose 0.9% during the June-July 2020 period. But employment by that measure is 9.4% below what it was in July 2019.

You can find these figures and more at:
https://www.bls.gov/news.release/pdf/laus.pdf.
Bottom line: It could be worse. Let's hope it does go there in the months to come.