Economics
Sharp, Short U.S. Recession Giving Way to Longer-Term Scarring
- July jobs report showed increase in duration of unemployment
- Recovery prospects dim even with Trump orders for relief
Reports due later this week on July retail sales, industrial production and consumer sentiment are expected to confirm a moderating pace of economic activity.
Photographer: Christopher Dilts/BloombergThis article is for subscribers only.
The pandemic-induced downturn initially had hints of being the sharpest but shortest U.S. recession on record. Now there are increasing signs of economic scarring that resemble past slumps.
Beneath a headline number showing a better-than-expected gain in July jobs, the government’s employment report contained indications of underlying weakness.