Job Market Monitor
Employment
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
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
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
Bringing Jobs Back in US – 6 elements of a strategy
Despite repeated warnings, America’s industrial base has been whittled away by corporations offshoring work to Mexico, China, and other countries. The offshoring of much-needed medical equipment in the midst of the COVID-19 pandemic heightens the urgency to bring these supply chains home. While U,S. Trade Representative Robert Lighthizer’s recent op-ed heralding an end to “the … 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
COVID, Jobs and Recovery in US – Lockdown of 3 months is going to have long-lasting negative effects on unemployment research finds
In March 2020, the US entered a “lockdown” so as to prevent the spread of the novel coronavirus. The vast majority of residents of the United States have been ordered to stay at home. Most retail businesses have been ordered to shut down. Most workers have been ordered to stay away from their place of … Continue reading
COVID and Layoffs un US – 42 percent of recent layoffs will result in permanent job loss research finds
The COVID-19 pandemic and efforts to contain the virus are exacting a staggering economic toll in countries around the world. China’s economy shrank 6.8 percent in the first quarter of 2020 on a year-on-year basis, and Eurozone economies shrank at a 14.8 percent annualized rate. In the United States, nearly 28 million persons filed new … Continue reading
COVID and Job Report in US (April 2020) – Employment fell by 20.5 million in one month
Total nonfarm payroll employment fell by 20.5 million in April, and the unemployment rate rose to 14.7 percent,the U.S. Bureau of Labor Statistics reported today. The changes in these measures reflect the effects of thecoronavirus (COVID-19) pandemic and efforts to contain it. Employment fell sharply in all major industry sectors,with particularly heavy job losses in … Continue reading
COVID and Labor Market in US – Vacancy postings collapsed by 30% at the same time as initial claims spiked
In this report, we analyse both UI claims data and vacancy data from Burning Glass Technologies to provide a more detailed account of how the labor market evolved over the last weeks. In particular, we ask how broad-based the deterioration in market conditions over the second half of March and the first half of April … Continue reading
COVID and Labor Force Indicators in US – Job loss has been significantly large, those losing jobs are not actively looking to find new ones and participation in the labor force has declined by 7 pp
The arrival of the covid-19 virus and the policy responses have led to unprecedented numbers of initial claims for unemployment since early 2020: over 16.5 million by April 4 th, 2020, with new claims arriving at a rate of 6-7 million per week. But concerns about state governments’ inability to process so many claims in such … Continue reading
COVID and Labor Market in US – CBO’s Projections : a loss of nearly 27 million jobs and 8 million exits from the labor force
CBO has developed preliminary projections of key economic variables through the end of calendar year 2021, based on information about the economy that was available through yesterday and including the effects of an economic boost from legislation recently enacted in response to the pandemic. In addition, CBO has developed a preliminary assessment of federal budget … Continue reading
COVID and Labour Market – A far-reaching impact in Europe
The EU-27 countries have introduced varying degrees of stay-at-home mandates or advisories owing to COVID-19, as has the United Kingdom. As of April 7, almost all of the 230 million employees across the EU-27 and the United Kingdom are affected—through the closing of nonessential shops, implementation of remote working and physical-distancing guidelines, cancellation of events, … Continue reading
COVID and Jobs in UK – Losses have disproportionately affected young people, women and the lowest paid.
Coronavirus is a public health crisis and the Government has rightly taken unprecedented measures to tackle it. This has included significant restrictions on much social interaction and economic activity. The result has been the sharpest spike in unemployment on record. There were one million claims for Universal Credit in a two week period, 7.3 times … Continue reading
COVID and Jobs in Canada – Nearly 3 in 10 Canadians report that it affects their ability to meet financial obligations or essential needs
Nearly 3 in 10 (29.0%) Canadians reported that the COVID-19 situation is having a moderate or major impact on their ability to meet financial obligations or essential needs such as rent or mortgage payments, utilities and groceries. A further 23.8% said it was too soon to tell, while just under one-half (47.2%) reported minor or no impact. At the time of … Continue reading
COVID, Jobs and Lockdown in UK – Can take more than 6.5m jobs out of the economy
Estimates produced by the Institute for Social and Economic Research (ISER) at the University of Essex suggest the lockdown can take more than 6.5m jobs out of the economy -around a quarter of the total.The study led by Professor Matteo Richiardi with ISER researcher Diego Collado uses ONS data to predict job losses by sector.Using … Continue reading
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