Job Market Monitor
Michel Cournoyer
UI Weekly Claims in US (week ending May 30) – 1,877,000, a decrease of 249,000 from the previous week’s revised level
In the week ending May 30, the advance figure for seasonally adjusted initial claims was 1,877,000, a decrease of 249,000 from the previous week’s revised level. The previous week’s level was revised up by 3,000 from 2,123,000 to 2,126,000. The 4-week moving average was 2,284,000, a decrease of 324,750 from the previous week’s revised average. … Continue reading
Labor Market Impacts of the Covid in US – Reductions in employment, and the associated increases in employment exit rates and decreases in hiring rates, were disproportionately concentrated in low-wage jobs
We study the distributional consequences of the Covid-19 pandemic’s impacts on employment. Using data through April 2020 from the Current Population Survey (CPS) — the primary source of labor force statistics for the United States — we document three key facts. First, we show that the pandemic-induced reductions in employment, and the associated increases in … Continue reading
Unemployment in Europe (April 2020) – 14.079 million or 7.3%, up from 7.1% in March with 2.776 million young persons (under 25)
In April 2020, the second month after COVID-19 containment measures were implemented by most Member States, the euro area seasonally-adjusted unemployment rate was 7.3%, up from 7.1% in March 2020. The EU unemployment rate was 6.6% in April 2020, up from 6.4% in March 2020. These figures are published by Eurostat, the statistical office of … Continue reading
COVID and Job Cuts in Public Education in US – Already greater than in all of the Great Recession
It has been well documented that fiscal austerity was a catastrophe for the recovery from the Great Recession. New estimates show that without sufficient aid to state and local governments, the COVID-19 shock could lead to a revenue shortfall of nearly $1 trillion by 2021 for state and local governments. In lieu of substantial federal … Continue reading
Temporary Foreign Workers in Canada – About 550,000 accounting for 2.9% of total employment
Temporary foreign workers (TFWs) have played an increasingly important role in the Canadian labour market in recent years (Lu and Hou, 2019). Close to 470,000 foreign nationals have a work permit that became effective in 2019, compared to 340,000 in 2017 and 390,000 in 2018.Note However, their contribution to the labour market could be severely … Continue reading
COVID and Post-Secondary Education – Canada’s advantage in international student attraction is at risk
For Canada to remain a global education leader that continues to attract the world’s brightest, our institutions will need to differentiate themselves says RBC Thought Leadership. Canadian institutions historically lacked the resources or expertise to fully develop online learning About 16% of university and 12% of college students learned primarily online in 2019, while more … Continue reading
COVID and the Economy in US – CBO projects that over the 11-year horizon, cumulative real output will be $7.9 trillion lower
The two largest differences between the two forecasts result from the economic effects of the COVID-19 pandemic in reducing output and the legislation enacted between January and early May in response, which partly offsets that reduction. Real GDP The revised forecast for nominal GDP reflects a significant markdown in CBO’s projection of real (inflation-adjusted) production … Continue reading
Foreign-Born People in US – 46 million in 2018 or 14 percent of the total population
In 2018, 46 million foreign-born people lived in the United States, accounting for 14 percent of the total population, and three-quarters of them were here legally, according to estimates by the Congressional Budget Office. The population with legal status increased steadily from 20 million in 1998 to 35 million in 2018. The increase in the … Continue reading
Basic Income in Canada – Questions to help the debate focus
Click to access Basic-Income-Green-Kesselman-Tedds.pdf
Massive Open Online Courses (MOOCS) – Free access to Coursera
Starting today, college and university students around the world can learn and earn certificates on Coursera for free. Current undergraduate, graduate, or recently graduated students with a verified school email can sign up to get free access to over 3,800 courses, 150 Guided Projects, 400 Specializations, and 11 Professional Certificates. They can enroll in programs … Continue reading
Post-Covid Job Market – De-emphasis on physical offices and perks, hiring outside the big metro and people looking for stability and work
I think that you’re going to see a de-emphasis on physical offices and perks, not just in tech but in finance and every other sector, such as having beautiful open floor plans, with in-office gyms and onsite yoga. Employers are going to be emphasizing flexible work, health insurance, and more practical benefits—maybe 401k match, especially … Continue reading
COVID and Global Labour Market – More than one in six young people out of work says ILO
More than one in six young people have stopped working since the onset of the COVID-19 pandemic while those who remain employed have seen their working hours cut by 23 per cent, says the International Labour Organization (ILO). According to the ILO Monitor: COVID-19 and the world of work. 4th edition , youth are being … Continue reading
Post-COVID Skills Mismatch – It is the time to start preparing
The pandemic has transformed working modes. With the ILO estimating that 81% of the global labor force is engaged in a work-from-home experiment, flexible and remote arrangements are likely to become the new normal. In the wake of the crisis, some 75% of global businesses plan to shift at least 5% of employees who previously … Continue reading
COVID and the Self-Employed in UK – Have been hit particularly hard
The Covid-19 shock is one of the largest economic shocks that has taken place in living memory. The crisis has served to highlight the challenges governments face in extending social insurance to self-employed workers, for whom it is difficult to verify work behaviour. Chancellor Rishi Sunak described designing a “deliverable and fair” support package for … Continue reading
UI Claims in US (Week ending May 16) – 2,438,000 bringing total near 39 M since the beginning of the lockdown
In the week ending May 16, the advance figure for seasonally adjusted initial claims was 2,438,000, a decrease of 249,000 from the previous week’s revised level. The previous week’s level was revised down by 294,000 from 2,981,000 to 2,687,000. The 4-week moving average was 3,042,000, a decrease of 501,000 from the previous week’s revised average. … Continue reading
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