The American economy added 245,000 nonfarm jobs in November, far, far fewer than the 610,000 the month before. If employment growth keeps decelerating, the American economy could be losing jobs outright by next month.
"We’re beginning to see the economy slow down in the fourth quarter,” Bernie Baumohl, chief global economist at the Economic Outlook Group, told Marketplace. Risk mounts as long as the economy goes without federal aid for small businesses, state and local governments and the unemployed, he said.
“We’re going to be seeing more companies declare bankruptcy, more households in extreme financial crisis, more people being laid off, an even greater divide among income groups,” he said. Low-income service workers have suffered the most job losses, Baumohl said. And those jobs have been the hardest to get back.
The latest Forbes Advisor-Ipsos poll found that about half of Americans are afraid they or someone they know will lose their job in the next six months.