"Uncertainty and hesitancy may ultimately lead to a more slow-burning recovery from here than our baseline assumes," wrote Ben May, director of global macro research at Oxford Economics, in the report.Īt the same time, 9.1 million people lost enhanced unemployment benefits on Labor Day, when the federal benefits expired. Economists are signaling alarm over the spread of the Delta variant, with Oxford Economics recently cutting its forecast for 2021's global economic growth to 5.9% from 6.4%. And while businesses are hiring, there are still about 5.3 million fewer people are on payrolls today than before the pandemic. The unemployment rate stands at 5.2%, still higher than its pre-pandemic level of 3.5%.
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