It’ll be a bumpy road to recovery

Published July 8, 2020 4:00am ET



Last week’s Bureau of Labor Statistics report on the June employment situation was celebrated for good reason. News that 4.8 million jobs had been filled in June, and that May’s previous 2.1 million count of new hires had been raised to 2.8 million, gave a clear indication that when people forced to take refuge in their homes are allowed to go to work, they eagerly get their names on a payroll.

Even with some good news emanating from the coronavirus command economy, there remains a general awareness that we are a long way from glory land. More than 30 million people are unemployed, and the current employment level lies more than 12 million below the February number. Closer examination of the BLS report tells us that the largest part of the employment gains, some 2.1 million, came in the hospitality industry — hotels, eating and drinking places. Of course, this was also the part of the economy hardest hit by the virus, and therefore the sector that could gain the most back as things reopen.

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