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COVID and the Global Economy – The worst recession since World War II with a drop 5.2% this year says the World Bank
World Bank Global Economic Prospects forecasts say global economy will shrink 5.2% this year, using market exchange rate weights. The swift and massive shock of the coronavirus pandemic and shutdown measures to contain it have plunged the global economy into a severe contraction. According to World Bank forecasts, the global economy will shrink by 5.2% … Continue reading
Job Report in Canada, May 2020 – Employment rebounds and absences from work drop and unemployment reaches record
Employment rebounds and absences from work drop From February to April, 5.5 million Canadian workers were affected by the COVID-19 economic shutdown. This included a drop in employment of 3.0 million and a COVID-19-related increase in absences from work of 2.5 million. In May, employment rose by 290,000 (+1.8%), while the number of people who … Continue reading
Job Report in US (May 2020) – Employment rose by 2.5 million and unemployment declined to 13.3%
Total nonfarm payroll employment rose by 2.5 million in May, and the unemployment rate declined to 13.3 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it. In … Continue reading
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
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
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
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
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
Employment in US Before COVID and in April – 72 percent of adults were either “doing okay” financially, down from the 75 percent says FED
Although most adults were working as much as they wanted to, many people were not working full time and wanted more work. Many adults also performed gig activities in the month before the survey, although few who participated in the gig economy were doing so as a primary source of income. • Eighteen percent of … Continue reading
UI Weekly Claims in US (week ending May 9) – 2,981,000, a total of more than 36 M for the last 8 weeks
In the week ending May 9, the advance figure for seasonally adjusted initial claims was 2,981,000, a decrease of 195,000 from the previous week’s revised level. The previous week’s level was revised up by 7,000 from 3,169,000 to 3,176,000. The 4-week moving average was 3,616,500, a decrease of 564,000 from the previous week’s revised average. … Continue reading
COVID, Stock Market and Unemployment in US – One chart shows how they are completely decoupled
One chart shows how the stock market is completely decoupled from the labor marketIn the past decade, the S&P 500 and the unemployment rate moved nearly in lockstep, but that all changed last month. Chosen excerpts by Job Market Monitor. Read the whole story @ One chart shows how the stock market is completely decoupled from the … Continue reading
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