United States

This tag is associated with 2228 posts

COVID in US – One-quarter of the of the country’s largest companies had more cash going out than coming in on the eve of the crisis

“The coronavirus has left businesses from giant corporations to the corner bar struggling for survival. But along with dealing millions of Americans an unexpected blow, the pandemic exposed vulnerabilities that had accumulated during a record-long expansion and years of ultralow interest rates — and which now could make it harder to recover from a recession, … Continue reading

COVID in US – Choosing mass unemployment ?

A number of European countries, after similarly failing to control the spread of the virus, and thus being forced to lock down large parts of their economies, have chosen to protect jobs. Denmark has agreed to compensate Danish employers for up to 90 percent of their workers’ salaries. In the Netherlands, companies facing a loss … Continue reading

COVID-19 and UI Weekly Claims in US – From 282,000 to 3,283,000, an increase of 3,001,000

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS SEASONALLY ADJUSTED DATA In the week ending March 21, the advance figure for seasonally adjusted initial claims was 3,283,000, an increase of 3,001,000 from the previous week’s revised level. This marks the highest level of seasonally adjusted initial claims in the history of the seasonally adjusted series. The previous high was … Continue reading

COVID-19 in US – Economy will experience a quick rebound says former Federal Reserve chairman Ben Bernanke

Former Federal Reserve Chairman Ben Bernanke also said Wednesday the U.S. economy will experience a quick rebound after a “very sharp” recession. “If there’s not too much damage done to the workforce, to the businesses during the shutdown period, however long that may be, then we could see a fairly quick rebound,” Bernanke told CNBC’s … Continue reading

COVID-19 in US – Maps on how states are responding

States have enacted a wide range of policies in an effort to “flatten the curve” and address the economic effects of the novel coronavirus. While all 50 states have declared states of emergency, giving governors emergency powers, the policy response from states has been wide-ranging. Chosen excerpts by Job Market Monitor. Read the whole story @ How … Continue reading

Unemployment Insurance in US – State reserves are not adequate before COVID-19

The federal-state unemployment insurance (UI) system pays temporary partial earnings replacement to involuntarily unemployed applicants while they are actively seeking reemployment. The UI system is an automatic stabilizer for state economies, injecting spending from benefit payments quickly in economic downturns, and withdrawing spending during business recoveries because of fewer beneficiaries and higher tax contributions. There … Continue reading

COVID-19 in US Viewed from the FED – Unemployment may soar to 30%

Federal Reserve Bank of St. Louis President James Bullard predicted the U.S. unemployment rate may hit 30% in the second quarter because of shutdowns to combat the coronavirus, with an unprecedented 50% drop in gross domestic product. Bullard called for a powerful fiscal response to replace the $2.5 trillion in lost income that quarter to … Continue reading

COVID-19 in US – Over 37 million U.S. jobs may be vulnerable to potential layoffs in the short term

Almost 56% of US production and non-supervisory jobs (about 59.5 million jobs) offer weekly incomes below the $802 weighted average weekly income for all such jobs. Together, those low-quality jobs offer a weighted average of $539 in weekly income, or just over $28,000 per year. There is a subset of these workers, in jobs often … Continue reading

Forecast for US GDP – 14% Q2 drop says JP Morgan

The U.S. economy could shrink 4% this quarter and 14% next quarter, and for the year is likely to shrink 1.5%, a JP Morgan economist said on Wednesday, in one of the most dire forecasts yet issued for the potential hit from the coronavirus epidemic. U.S. chief economist Michael Feroli also forecast unemployment to rise … Continue reading

Job Report in US, February 2020 – Total nonfarm payroll employment rose by a 273,000, well above consensus expectations

Total nonfarm payroll employment rose by 273,000 in February, and the unemployment rate was little changed at 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in health care and social assistance, food services and drinking places, government, construction, professional and technical services, and financial activities. Household Survey Data Both … Continue reading

Grads in US – Recent college graduates are more likely to be out of work than the population as a whole

Millions of Americans are seeing little return from their expensive college degrees — even in today’s hot job market. For the first time in decades, recent college graduates are more likely to be out of work than the population as a whole, according to the New York Federal Reserve. And for the lower-earning half of … Continue reading

Immigrants and Wage Distribution in US – A one percentage point increase in the share of foreign-born leads to a 0.2–0.3 percent wage decrease in the bottom decile research finds

Since the early 1980s, the stock of immigrants to the US has been rapidly increasing and potentially disrupting labor markets across the country. Over the same period, the US wage distribution has experienced significant and uneven changes. Traditional economic models predict that foreign-born can affect relative wages so long, they alter the relative supplies of … Continue reading

US – Automatic Stabilizers in the Federal Budget, 2020 to 2030

Federal revenues and outlays regularly respond to cyclical movements in the economy in ways that tend to dampen those movements; the budget mechanisms that drive that process are known as automatic stabilizers. Those mecha- nisms help stabilize the economy automatically, without any legislated changes in tax or spending policies. In this report, the Congressional budget … Continue reading

Two Recessions and Recoveries in US – The trajectories side-by-side

The Great Recession of 2007-2009 was one of the deepest downturns of the U.S. economy since World War II. Triggered by crises in the housing and financial markets, the recession evokes memories of homes in foreclosure, the collapse of Lehman Brothers, and bailouts for businesses in the auto, banking and financial sectors. The subsequent expansion began … Continue reading

Job Report in US (November 2019) – Employment rose by 266,000, much better than expected

Total nonfarm payroll employment rose by 266,000 in November, and the unemployment rate was little changed at 3.5 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in health care and in professional and technical services. Employment rose in manufacturing, reflecting the return of workers from a strike. Household Survey Data … Continue reading

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