, Columnist
The U.S. Is Battling Two Recessions, Not Just One
The sharp blow to the economy from the pandemic seems to be easing even as a deep, long-term slowdown sets in.
It’s a start.
Photographer: FREDERIC J. BROWN/AFPThis article is for subscribers only.
The U.S. is in a very odd situation. Even as the official unemployment rate falls, the health of the underlying labor market is deteriorating as the coronavirus pandemic drags on. The country is in the middle of two simultaneous downturns -- a short-term seizure caused by fear of coronavirus and a longer-term slump that will look more like a traditional recession. Unfortunately, the latter is just beginning.
The good news is that more Americans returned to work in June, continuing the trend that began in May: