Job Market Monitor
Unemployment
Job Report in US (August 2020) – Employment rose by 1.4 million and unemployment fell to 8.4 percent
Total nonfarm payroll employment rose by 1.4 million in August, and the unemployment rate fell to 8.4 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. In August, an increase … Continue reading
Job Market in Canada – Still has long way to go despite jobs bounce says CIBC’s Benjamin Tal
CIBC Deputy Chief Economist Benjamin Tal speaks with Financial Post’s Larysa Harapyn about the latest Canadian unemployment numbers, and what might happen as the government transitions CERB recipients into an updated EI program.
Job Report in Canada (July 2020) – Employment rose by 419,000 (+2.4%), within 1.3 million (-7.0%) of its pre-COVID February level
Employment continues to rebound in July 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-related increase in absences from work of 2.5 million. Employment rose by 419,000 (+2.4%) in July, compared with 953,000 (+5.8%) in June. Combined with gains of 290,000 in May, this brought employment to within 1.3 million (-7.0%) of … Continue reading
Job Report in US (July 2020) – Employment rose by 1.8 million and the unemployment rate fell to 10.2 percent, up by 6.7 percentage points since February
Total nonfarm payroll employment rose by 1.8 million in July, and the unemployment rate fell to 10.2 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic and efforts to contain it. In … Continue reading
Unemployment in Europe (June 2020) – 7.8% in the the euro area with 2.962 million young persons (under 25)
In June 2020, the month when COVID-19 containment measures started being phased out in most Member States, the euro area seasonally-adjusted unemployment rate was 7.8%, up from 7.7% in May 2020. The EU unemployment rate was 7.1% in June 2020, up from 7.0% in May 2020. These figures are published by Eurostat, the statistical office … Continue reading
Inflation and Unemployment in US and Europe – The large drop in US core inflation is fully accounted for by sharply higher unemployment but it still a genuine puzzle in the Euro zone
• The years leading up to COVID-19 saw persistently low inflation, … • something that came to be called by some the “missing inflation puzzle.” • Rising unemployment and weak demand are now pushing inflation down, … • though low inflation does not mean that something is automatically “missing.” • We update our Phillips curve … Continue reading
Employment Outlook 2020 – Unemployment will remain high into 2021, more so should a second pandemic wave hit says OECD
Unemployment is projected to reach nearly 10% in OECD countries by the end of 2020, up from 5.3% at year-end 2019, and to go as high as 12% should a second pandemic wave hit. A jobs recovery is not expected until after 2021. And now must keep up support while building resilience Help those in … Continue reading
UI Claims in US (week ending June 27) – 1,427,000, a decrease of 55,000 from the previous week’s revised level
In the week ending June 27, the advance figure for seasonally adjusted initial claims was 1,427,000, a decrease of 55,000 from the previous week’s revised level. The previous week’s level was revised up by 2,000 from 1,480,000 to 1,482,000. The 4-week moving average was 1,503,750, a decrease of 117,500 from the previous week’s revised average. … Continue reading
Job Report in US (June 2020) – Employment rose by 4.8 million, still down nearly 14.7 million jobs since February, and unemployment rate declined to 11.1 percent
Total nonfarm payroll employment rose by 4.8 million in June, and the unemployment rate declined to 11.1 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts … Continue reading
COVID and Unemployment in US – Those without a college degree have experienced the most severe impact
Since COVID-19 hit the United States, more than 20 million American workers have become unemployed and countless others have left the labor force altogether. While the labor market disruptions have affected workers in a wide set of industries and occupations, those without a college degree have experienced the most severe impact. Addressing gaps in educational … Continue reading
May Job Report in US – 32.5 million workers who are either officially unemployed or otherwise out of work as a result of the virus
Key takeaways: In May, the official unemployment rate was 13.3%. However, the unemployment rate that takes into account all those who are out of work as a result of the virus was 19.7%, and the unemployment rate that includes only those who are out of work and don’t have a reasonable chance of being called … 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, 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, 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
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
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