Job Market Monitor
Michel Cournoyer
CARES Act and UI in US – The three new programs
Pandemic Unemployment Compensation (PUC) From the date the bill is signed through July 31, 2020, all regular UI and Pandemic Unemployment Assistance claimants will receive their usual calculated benefit plus an additional $600 per week in compensation. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. A … Continue reading
COVID and Quebec Economy – A drop 3.5 times larger than the one recorded during the recession in 2009 but a sharp rebound next year the Conference Board says
Quebec’s economy has grown at a brisk pace over the past few years, with real GDP expanding by an annual average of 2.8 per cent between 2017 and 2019. However, the coronavirus pandemic will throw Quebec’s economy into a tailspin this year, with real GDP forecast to decline by 3.8 per cent—a drop 3.5 times … Continue reading
Great Recession in Europe and North America – At least 10 000 additional “economic suicides” between 2008 and 2010
There has been a substantial rise in ‘economic suicides’ in the Great Recessions afflicting Europe and North America. We estimate that the Great Recession is associated with at least 10 000 additional economic suicides between 2008 and 2010. A critical question for policy and psychiatric practice is whether these suicide rises are inevitable. Marked cross-national … Continue reading
COVID, Unemployment and Poverty in US – A gloomy prediction
The pandemic crippling the American economy portends a sharp increase in poverty, to a level that could exceed that of the Great Recession and that may even reach a high for the half-century in which there is comparable data, according to researchers at Columbia University. The coming wave of hardship is likely to widen racial … Continue reading
Minimum wage in US – Employers do not always comply with minimum wage increases
Using data from the Current Population Survey, Jeffrey Clemens of the University of California, San Diego, and Michael Strain of the American Enterprise Institute find that some employers in the low-wage labor market pay workers less than the minimum wage. Examining a series of minimum wage increases from 2011 to 2019, the authors estimate that … Continue reading
COVID and UI in US – Maximum UI benefits will exceed 90 percent of average weekly wages in all states
WHAT HAS CONGRESS ALREADY DONE TO ADDRESS THE CURRENT CRISIS? The CARES Act—a $2 trillion relief package aimed at alleviating the economic fallout from the COVID-19 pandemic—extends the duration of UI benefits by 13 weeks and increases payments by $600 per week through July 31st. This implies that maximum UI benefits will exceed 90 percent … Continue reading
COVID and Tax and Fiscal Policy – They should continue to support households and businesses through containment, then shift to bolstering recovery OECD says
Tax and fiscal policy responses are playing a critical role in limiting the hardship caused by containment measures, and should continue to do so as governments seek to support households and businesses, protect employment and pursue economic recovery from the global pandemic, according to new OECD analysis. Tax and Fiscal Policy in Response to the … Continue reading
UI Claims in US (Week ending April 11) – 5,245,000, a decrease of 1,370,000 from the previous week’s revised level (22 M in 4 weeks)
In the week ending April 11, the advance figure for seasonally adjusted initial claims was 5,245,000, a decrease of 1,370,000 from the previous week’s revised level. The previous week’s level was revised up by 9,000 from 6,606,000 to 6,615,000. The 4-week moving average was 5,508,500, an increase of 1,240,750 from the previous week’s revised average. … Continue reading
COVID au Canada – La Prestation canadienne d’urgence (PCU) est élargie
Les travailleurs qui remplissent toutes les conditions suivantes ont droit à la PCU : vivre au Canada et être âgés d’au moins 15 ans; avoir cessé de travailler en raison de la COVID-19 ou être admissibles aux prestations régulières ou de maladie de l’assurance‑emploi; ne pas avoir quitté volontairement leur emploi; avoir gagné un revenu d’au moins … Continue reading
COVID and Job Cuts – The difference between being furloughed and laid off?
Furloughing is actually a common practice used by many companies, such as landscaping and construction businesses, that will typically furlough workers during cold seasons, Business Insider adds. But during a national crisis such as coronavirus, companies that do not regularly furlough workers will turn to the practice to stay afloat. Recently, Macy’s announced it was … Continue reading
COVID, Cares Act and UI in US – States struggle to pay out the extra $600
Most other states have started to provide the extra federal jobless aid, though many did so only this week, nearly a month after businesses began shutting down across the country because of the coronavirus outbreak. At least 32 states will provide the extra federal benefits by the end of this week. California, the most populous … Continue reading
COVID and Higher Education in UK – Universities will be hit harder than hospitality
Education will be the sector of the economy hardest hit by an extended lockdown in the face of the coronavirus pandemic, according to new analysis. The impact on education is forecast to be greater even than that on the hospitality industry, which has been almost entirely closed down by efforts to contain the spread of … Continue reading
COVID and Universal Basic Income – Would often not be an effective tool for reducing income poverty OCDE says
Recent debates of basic income (BI) proposals shine a useful spotlight on the challenges that traditional forms of income support are increasingly facing, and highlight gaps in social provisions that largely depend on income or employment status. A universal “no questions asked” public transfer would be simple and have the advantage that no-one would be … Continue reading
COVID and Unemployment Insurance in US – How to make it work for all
Since its creation almost a century ago, America’s safety net has not kept pace with the changing economy. Reforming the Unemployment Insurance program is a case in point. Created in 1935, this essential component of the safety net, which provides a basic level of financial assistance to workers who lose their jobs through no fault … Continue reading
COVID Economic Impact – The Bank of Canada point of views
The Canadian economy was in a solid position ahead of the COVID-19 outbreak, but has since been hit by widespread shutdowns and lower oil prices. One early measure of the extent of the damage was an unprecedented drop in employment in March, with more than one million jobs lost across Canada. Many more workers reported … Continue reading
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