Job Market Monitor
US
UI Weekly Claims in US – 6,648,000, an increase of 3,341,000 from the previous week’s revised level
In the week ending March 28, the advance figure for seasonally adjusted initial claims was 6,648,000, an increase of 3,341,000 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 week’s level was revised up by 24,000 from 3,283,000 … Continue reading
COVID in US – The St. Louis Fed’s back-of-the-Envelope Estimates : given the assumption of a constant labor force, 32.1%
As state and local governments implement social-distancing measures to suppress and contain the spread of COVID-19, many businesses are faced with a large decrease in sales and revenue. This slowdown of economic activity could inevitably lead to solvency and liquidity problems that result in workers being laid off. This negative shock does not equally affect … Continue reading
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 – 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
Health, Retirement Benefits and Pay in US – More employees willing to sacrifice pay
With their desire for greater security rising, a growing number of U.S. employees are willing to sacrifice additional pay in exchange for more generous retirement and health care benefits, according to the Global Benefits Attitudes Survey by Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company. The survey also found half … Continue reading
Industrial Production in US, rose 0.6 percent rose 0.6 percent after falling 0.5 percent in January and unchanged from a year earlier
Industrial production rose 0.6 percent in February after falling 0.5 percent in January. Manufacturing output edged up 0.1 percent in February; excluding a large gain for motor vehicles and parts and a large drop for civilian aircraft, factory output was unchanged. The index for mining declined 1.5 percent, but the index for utilities jumped 7.1 percent, as temperatures returned to … Continue reading
Veterans in US – Without degrees
The United States military is the single largest provider of education and training in the country. Yet, for the U.S. veteran population (21 million) and especially the 4 million veterans who served from 2001 to the present day and are still early in their careers, there can be a disconnect between the education and training … 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
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