Job Market Monitor
United States
COVID and Jobs Recovery in US – 2.5 million jobs lost through 2021 according to survey
The number of jobs destroyed by the U.S. economy’s crisis-driven sudden stop could top 4.5 million, according to the median estimate of 45 forecasters surveyed by the National Association for Business Economics. Fewer than 2 million of those positions will be recovered by the end of 2021, the economists expect, pushing the unemployment rate above … Continue reading
CARES Act for IT in US – The bill in 10 pieces
The CARES Act Federal Stimulus package in the U.S. is a complicated piece of legislation. We’ve broken down 10 pieces of the bill that tech business owners should know about. Chosen excerpts by Job Market Monitor. Read the whole story @ Here’s What Tech Businesses Need to Know about the CARES Act | Business of Technology | … 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
Who Can Help For Overloaded UI in US – Google Creates Unemployment Application Portal for New York State Labor Department
Google said it has created an application portal to help New York State respond to an unprecedented surge in unemployment filings after the economy was shut down by the coronavirus outbreak. The effort, called “Tech Surge”, is a partnership with Google Cloud, Deloitte, and Verizon to improve the reliability of the state’s online and telephone-based … Continue reading
COVIS and Health Care in US – 43,000 Jobs cuts in March, the biggest loss in at least three decades
[Last week) report begins to reveal the impact of the COVID-19 pandemic on employment. More than 700,000 jobs were lost since February. But the world has changed even in the three weeks since these data were collected (second week of March), and the end of this story is not yet in sight. As the chart … Continue reading
Unemployment Insurance Weekly Claims in US (week ending April 4) – 6,606,000, a decrease of 261,000 from the previous week
Record 16.6 million have sought US jobless aid since coronavirus In the week ending April 4, the advance figure for seasonally adjusted initial claims was 6,606,000, a decrease of 261,000 from the previous week’s revised level. The previous week’s level was revised up by 219,000 from 6,648,000 to 6,867,000. The 4-week moving average was 4,265,500, … Continue reading
COVID and Labor Shortages in US – Wanted: People who know COBOL for UI program coding
On top of ventilators, face masks and health care workers, you can now add COBOL programmers to the list of what several states urgently need as they battle the coronavirus pandemic. In New Jersey, Gov. Phil Murphy has put out a call for volunteers who know how to code the decades-old computer programming language called … Continue reading
Job Report in Canada, March 2020 – With only partial impact of COVID, employment fell by more than one million
Employment fell by more than one million in March (-1,011,000 or -5.3%). The employment rate—or the proportion of people aged 15 and older who were employed—fell 3.3 percentage points to 58.5%, the lowest rate since April 1997. Of those who were employed in March, the number who did not work any hours during the reference week (March 15 to 21) increased by 1.3 million, while the number … Continue reading
COVID and Unemployment Insurance in US – what has congress already done to address the current crisis?
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 in US – What top CEOs fear
Top CEOs, in private conversations and pleas to President Trump, are warning of economic catastrophe if America doesn’t begin planning for a phased return to work as soon as May, corporate leaders tell Axios. Why it matters: The CEOs say massive numbers of companies, big and small, could go under if business and government don’t … Continue reading
COVID in IT Sector in US – 8,500 new jobs in March, but 19,000 IT jobs lost in other industries
The US information technology sector added an estimated 8,500 new jobs in March, according to an analysis by technology industry trade association CompTIA. However, there was a loss of an estimated 19,000 IT positions in companies across all other industry sectors, according to CompTIA’s analysis of employment data released today by the US Bureau of … Continue reading
US – People working in legal occupations in downturns
People working in legal occupations in the United States experience economic downturns differently than the labor market as a whole. With increased volatility in unemployment rates and significant gender gaps, the comparatively low unemployment in legal occupations may offer little comfort to those trying to maneuver the Covid-19 downturn. According to the Bureau of Labor … Continue reading
Jobs after COVID in US – Retooled for the Twenty-First Century?
In my 2016 book, Failure to Adjust: How Americans Got Left Behind in the Global Economy, I told the story of how economic globalization caught the United States off-guard. For most of our history, we were a reasonably self-sufficient economy, with an expanding domestic market that was more than large enough to exploit economies of … Continue reading
COVID and New Job Postings in US – Dropped 29% between the week of March 2 and the week of March 23
The greatest jobs impact from the coronavirus pandemic isn’t necessarily in states with the highest number of reported cases but in states most dependent on industries like manufacturing and tourism. Nationwide, new job postings dropped 29% between the week of March 2 and the week of March 23, according to a newly released Burning Glass Technologies research. … Continue reading
Unemployment Benefits in US – The Efficacy of Enhanced UI by St. Louis Fed
KEY TAKEAWAYS Social-distancing policies to slow the transmission of coronavirus have disrupted economic activity, shuttering firms and throwing many Americans out of work. Providing more generous unemployment insurance benefits to laid-off and furloughed workers can be an efficient, targeted means to help offset their loss of income. Small business loans aimed at keeping workers on … Continue reading
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