Job Market Monitor
Unemployment
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
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 in UK – Unemployment has risen markedly says the Bank of England
The Bank has published its quarterly Monetary Policy Report alongside an interim Financial Stability Report. Together, they provide a scenario for the path of the UK economy in the light of Covid-19 and assess the financial system’s resilience to that scenario. The spread of Covid‐19 and the measures to contain it are having a significant … 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, Unemployment and Training – The Coursera Workforce Recovery Initiative has 3,800 courses and 400 Specializations available for free
Government agencies serving unemployed populations can get Coursera for unemployed workers at no cost How the program works: 3,800 courses and 400 Specializations available for free Course Certificates offered for each course completed Enrollment is open through September 30, 2020 for organizations to enroll unemployed workers in courses Newly-enrolled learners will have through December 31, … 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, 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
COVID in UK – Office for Budget Responsibility warns of 35% fall GDP and unemployment up to 10%
Evidence from past pandemics suggests that the economic impact of the coronavirus will arise much less from people falling ill or dying than from the public health restrictions and social distancing required to limit its spread. This will reduce demand for goods and services and the ability of businesses and public sector institutions to supply … Continue reading
COVID and Unemployment in US – 33 percent of voters have already lost their job survey finds
The financial impact of the coronavirus is hitting Americans hard: thirty-three percent of voters have already lost their job, been furloughed, placed on temporary leave, or had hours reduced, with 41 percent of those who’ve lost a job already reporting having trouble covering basic costs. Black Americans are feeling the worst of the financial crisis … Continue reading
COVID Impact on Unemployment in US – Scenarios by the Federal Reserve Bank of San Francisco
The Federal Reserve slashed the federal funds rate in response to the effects of the COVID-19 pandemic. The full impact of the pandemic on the economy is still uncertain and depends on many factors. Analysis suggests that allowing the federal funds rate to fall fast will help the economy cope with the aftermath of COVID-19. … Continue reading
COVID and the Economy in US – JPMorgan now sees economy contracting by 40%, and unemployment reaching 20%
JPMorgan economists cut their second-quarter forecast even more, now expecting the economy will decline by 40%. The economists said the 16.8 million jobless claims filed in the last three weeks indicate a huge surge in job losses, which they estimate at 25 million in April. A number of Wall Street firms expect contractions in the … Continue reading
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