Job Market Monitor
US
UI Weekly Claims in US (week ending June 6) – 1,542,000, a decrease of 355,000 from the previous week’s revised level with a total of 44,2M for the lockdown
Unemployment Insurance Weekly Claims Report In the week ending June 6, the advance figure for seasonally adjusted initial claims was 1,542,000, a decrease of 355,000 from the previous week’s revised level. The previous week’s level was revised up by 20,000 from 1,877,000 to 1,897,000. The 4-week moving average was 2,002,000, a decrease of 286,250 from … Continue reading
Job Report in US (May 2020) – Employment rose by 2.5 million and unemployment declined to 13.3%
Total nonfarm payroll employment rose by 2.5 million in May, and the unemployment rate declined to 13.3 percent, the U.S. Bureau of Labor Statistics reported today. These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it. In … Continue reading
UI Weekly Claims in US (week ending May 30) – 1,877,000, a decrease of 249,000 from the previous week’s revised level
In the week ending May 30, the advance figure for seasonally adjusted initial claims was 1,877,000, a decrease of 249,000 from the previous week’s revised level. The previous week’s level was revised up by 3,000 from 2,123,000 to 2,126,000. The 4-week moving average was 2,284,000, a decrease of 324,750 from the previous week’s revised average. … Continue reading
Labor Market Impacts of the Covid in US – Reductions in employment, and the associated increases in employment exit rates and decreases in hiring rates, were disproportionately concentrated in low-wage jobs
We study the distributional consequences of the Covid-19 pandemic’s impacts on employment. Using data through April 2020 from the Current Population Survey (CPS) — the primary source of labor force statistics for the United States — we document three key facts. First, we show that the pandemic-induced reductions in employment, and the associated increases in … Continue reading
COVID and Job Cuts in Public Education in US – Already greater than in all of the Great Recession
It has been well documented that fiscal austerity was a catastrophe for the recovery from the Great Recession. New estimates show that without sufficient aid to state and local governments, the COVID-19 shock could lead to a revenue shortfall of nearly $1 trillion by 2021 for state and local governments. In lieu of substantial federal … Continue reading
COVID and the Economy in US – CBO projects that over the 11-year horizon, cumulative real output will be $7.9 trillion lower
The two largest differences between the two forecasts result from the economic effects of the COVID-19 pandemic in reducing output and the legislation enacted between January and early May in response, which partly offsets that reduction. Real GDP The revised forecast for nominal GDP reflects a significant markdown in CBO’s projection of real (inflation-adjusted) production … Continue reading
Foreign-Born People in US – 46 million in 2018 or 14 percent of the total population
In 2018, 46 million foreign-born people lived in the United States, accounting for 14 percent of the total population, and three-quarters of them were here legally, according to estimates by the Congressional Budget Office. The population with legal status increased steadily from 20 million in 1998 to 35 million in 2018. The increase in the … Continue reading
UI Claims in US (Week ending May 16) – 2,438,000 bringing total near 39 M since the beginning of the lockdown
In the week ending May 16, the advance figure for seasonally adjusted initial claims was 2,438,000, a decrease of 249,000 from the previous week’s revised level. The previous week’s level was revised down by 294,000 from 2,981,000 to 2,687,000. The 4-week moving average was 3,042,000, a decrease of 501,000 from the previous week’s revised average. … Continue reading
Bringing Jobs Back in US – 6 elements of a strategy
Despite repeated warnings, America’s industrial base has been whittled away by corporations offshoring work to Mexico, China, and other countries. The offshoring of much-needed medical equipment in the midst of the COVID-19 pandemic heightens the urgency to bring these supply chains home. While U,S. Trade Representative Robert Lighthizer’s recent op-ed heralding an end to “the … Continue reading
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
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