According to a new WSJ survey of economists, the labor market faces a protracted recovery amid the continued spread of the coronavirus and uncertainty over prospects for another stimulus package and the outcome of the presidential election. More than half of economists polled say they don’t expect the labor market to claw back until 2023 or later all the jobs lost as a result of coronavirus-related shutdowns.
That is a slower timeline than economists predicted six months ago.
Hiring gains slowed sharply heading into the fall as more layoffs turned permanent.
Saudi Arabia is considering canceling OPEC plans for an oil output hike early next year, as Covid-19 cases in many parts of the world rise and the expected return of Libyan crude threatens to swell global supplies. In April, OPEC and 10 Russia-led producers agreed to carry out record production cuts of 9.7 million barrels a day.
