Moore expresses cautious optimism for ‘v-shaped’ recovery following jobs report

Economist Stephen Moore expressed cautious optimism that a v-shaped economic recovery from the coronavirus was still possible.

Moore’s remarks, made Sunday on John Catsimatidis’s radio show on WABC 770 AM, comes a day after the Labor Department announced the U.S. gained 1.8 million jobs in July. That gain was far less than the increases of 4.8 million in June and 2.7 million in May, leaving 10.6 million people who lost their jobs during the onset of the pandemic still searching for work.

“We saw 1.8 million jobs created in one month. That’s the third-highest monthly job increase in American history,” Moore, who is close to the White House, said. “We saw increases in construction. We saw increases in restaurant [jobs]. We saw increases in the factories and manufacturing.

“We regain[ed] 40-45% of the jobs that were lost. We still have a lot of work to do, but this was an indication that the v-shaped recovery … is still on course,” he added. 

Moore acknowledged the economy has suffered a hefty toll during the coronavirus pandemic and that it will not fully recover this calendar year.

“I think it’s going to take a while. I think it’s at least a year before we really feel like we’ve got the economy back firing on all cylinders. We did a lot of damage,” he said. 

Moore’s optimism comes in spite of unsuccessful negotiations on Capitol Hill for another coronavirus relief package, raising the prospects that the government’s future response could be hindered.

John Catsimatidis is an investor in the Hill

–This report was updated at 12:35 p.m.