diane swonk is chief economist with grant thorton. she's back to help us with some answers. iane, welcome back.o the newsho so 1.4 million jobs added last month. what does that tell us?th >> wellgood news is that we generated over a million jobs in the private sector, but 240,000 of those job gains were temporary census hires that will go go away at the end of september so we still had a million job gains, million job gains in the private sector the problem that is not nearly enough or fas enough to get us out of this deep hole we are still in, which is more than 11 million from the peak we saw in february. that is a huge number compared to the 8.8 million jobs we lost during the great recession, so we really are still st of chasing a moving target here, and the pace of job growth is a slowin our ability to pull workers back in from the side lineis starting to diminish, in fact, we lost 3.7 millio workers in the labor force since that peak in february, so if you incled those as unemployed, you would have an unemployment rate closer to ten percent or highan what we have today,

which sectors, diane swonk, are doing well oro busand which ones are struggling?>l, there is really no robust sectors out there. the finance sector has lost the fewest number of jobs but every major sector has lost jobs since february. and that is important to remember as we look at this data. of course the leisure and hospite ity sector lost most jobs and has regained the most, jot they there are still 4.4 million down from their peak in f ruary and thatally gives you a sense of even as we reopen how much it is ae strug for restaurant and bars to be still need to socially distance, the same is true of hotels. that is ally what the moral of the story is, those hardest hit, the low wage jobs hardest hit are the hard toast bring back, and of course there are still many workers working from home or they are at home and being paid, but not worki. those workers, 11.4 percent of the unemployed, those workers are important, of the employed are important because they are the fmost vulnerabl additional layoffs as we go into the fall. and that includes hirghway wok, high wa

diane swonk joins us, so helpful on fed day.ant to get to the fed by first must ask you about the economic backdrop of the in theround state midwest as the presidential debate goes to cleveland and case western university. what is the state of the economy in ohio and the broader midwest? suffering fromll the pandemic and unemployment rates have risen dramatically. what most people forget is as much as chairman powell emphasized this is a low wage recession, it also has hit college-educated workers, and the unemployment rate is higher today for college-educated workers when it was during the great recession. it is a low wage recession but it has also reached up into higher levels of education. theyumbers are so large get lost in translation. i have to move forward to this important conversation with richard clarida tomorrow. let's go to latin. my first question to him will be on how a central bank acts when inflation rises. to they get out front or do they get behind? where will the fed be, where will they act if and when they ge

diane swonk quoted it the moment it came out.ou've got to take the claims yesterday and throw on top of it depended it kind of claims that are out there, and then you've got the furlough to permanently off dynamic as well. , as we saidummary while you were on sabbatical. the unemployment rate is near 14%. jonathan: i've got a strong one today as well, tom. i'm going to keep that one handy. the data 87 minutes away. center, 8:30nd a.m. what tom was talking about, very much important, the transference to a more permanent edger for these layoffs. bidenp.m., vice president speaking about the economy in delaware. interesting to see what his plan would be to revise the economy should he become president following the november elections. tomorrow, the 140 sixth running of the kentucky derby. it has been delayed since may. it will not have the tradition of people in the stands wearing hats and wearing mint juleps. nonetheless, perhaps a little bit of normalcy. jonathan: something to tilt forward to -- something to look forward to. equity

have a great long weekend, david kelly and diane swonk.ou see at the bottom of your screen a news flash from amazon announcing plans to add 10,000 more jobs, this is in addition to the 15,000 they announced in february for their location in bellevue pretty interesting blog post here, sara in addition to the new roles an additional 2 million square feet of office space in downtown bellevue by leasing some new iconic properties they add so between the fedex hiring, 27% increase in seasonal hiring year on year and now amazon, i mean, shipping goods around the country is going to be a big source of employment this fall >> that's exactly what diane just said, look for the job gains to be added this holiday season in e-commerce there's very little visibility in terms of what demand is going to look like for the holiday season, that's been a recurrent theme in some of the retail earnings we've seen this week, carl, but one thing is for sure, kayla, and that is they are expecting it to come from online signet jewelers which is the quintessential m