Job Market Monitor
US
Minimum wage in US – Employers do not always comply with minimum wage increases
Using data from the Current Population Survey, Jeffrey Clemens of the University of California, San Diego, and Michael Strain of the American Enterprise Institute find that some employers in the low-wage labor market pay workers less than the minimum wage. Examining a series of minimum wage increases from 2011 to 2019, the authors estimate that … 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
UI Claims in US (Week ending April 11) – 5,245,000, a decrease of 1,370,000 from the previous week’s revised level (22 M in 4 weeks)
In the week ending April 11, the advance figure for seasonally adjusted initial claims was 5,245,000, a decrease of 1,370,000 from the previous week’s revised level. The previous week’s level was revised up by 9,000 from 6,606,000 to 6,615,000. The 4-week moving average was 5,508,500, an increase of 1,240,750 from the previous week’s revised average. … 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 in US – Few Americans are ready to get back to normal
Few Americans are ready to get back to normal right now, and as the country looks to the future, some segments of society have grown even less comfortable with the idea of resuming normal daily activities and interpersonal contacts. Chosen excerpts by Job Market Monitor. Read the whole story @ Americans Remain Risk Averse About Getting Back … 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
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
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