Job Market Monitor
United States
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, 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 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
UI Claims in US (week ending May 2) – 3.2 M, which brings the total for the past seven weeks to 33.5 M
The COVID-19 virus continues to impact the number of initial claims and insured unemployment. This report now includes information on claimants filing Pandemic Unemployment Assistance and Pandemic Emergency Unemployment Compensation claims. In the week ending May 2, the advance figure for seasonally adjusted initial claims was 3,169,000, a decrease of 677,000 from the previous week’s … Continue reading
COVID and UI in US – Maximum UI benefits will exceed 90 percent of average weekly wages in all states
WHAT HAS CONGRESS ALREADY DONE TO ADDRESS THE CURRENT CRISIS? The CARES Act—a $2 trillion relief package aimed at alleviating the economic fallout from the COVID-19 pandemic—extends the duration of UI benefits by 13 weeks and increases payments by $600 per week through July 31st. This implies that maximum UI benefits will exceed 90 percent … Continue reading
COVID, Cares Act and UI in US – States struggle to pay out the extra $600
Most other states have started to provide the extra federal jobless aid, though many did so only this week, nearly a month after businesses began shutting down across the country because of the coronavirus outbreak. At least 32 states will provide the extra federal benefits by the end of this week. California, the most populous … Continue reading
COVID and Unemployment Insurance in US – How to make it work for all
Since its creation almost a century ago, America’s safety net has not kept pace with the changing economy. Reforming the Unemployment Insurance program is a case in point. Created in 1935, this essential component of the safety net, which provides a basic level of financial assistance to workers who lose their jobs through no fault … Continue reading
COVID and Jobs in US – A second sound of layoffs has begun
The first people to lose their jobs worked at restaurants, malls, hotels and other places that closed to contain the coronavirus pandemic. Higher skilled work, which often didn’t require personal contact, seemed more secure. That’s not how it’s turning out. A second wave of job loss is hitting those who thought they were safe. Businesses … 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 and Jobs in US – Ravaging is poised to ramp up survey says
Covid-19’s ravaging of American jobs is poised to ramp up, a survey released today by PricewaterhouseCoopers LLP indicates. In a survey of more than 300 U.S. chief financial officers, 26% said they expect layoffs due to the financial impact of the new coronavirus. That’s up from 16% two weeks ago when PwC put the same … 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 Higher Education in US – Will it be ready to get people back to work?
The traditional strengths of American higher education – the measured and careful design of curriculum, two and four-year degrees that represent substantial learning over time, a rich coming-of-age experience for those who can afford it, stunning campuses – may not be enough to meet the challenges that lie ahead. For this economic crisis, America needs a … Continue reading
COVID and UI in US – Most states have yet to update their systems to process applications
Even as nearly 17 million Americans have sought unemployment benefits in the past three weeks — a record high, by far — millions of people appear to be falling through the cracks. They can’t get through jammed phone systems or finish their applications on overloaded websites. Or they’re confused about whether or how to apply. … Continue reading
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