The number of initial claims for unemployment benefits declined in all but five states for the week ending April 18, according to filings processed at state agencies and released on Thursday. But this is only the fifth week since the economies of most states were shut down to stop the spread of the ... READ MORE >
unemployment
State-by-state initial jobless claims show the spread of the coronavirus
The latest initial jobless claims report shows that layoffs of employees were lower in some of the already hardest-hit states, but were widespread nonetheless. The twin economic powerhouses of the United States, California and Texas, over the past three weeks saw a surge of roughly 2.2 million and ... READ MORE >
Canada should brace for a long recovery: More than 1 million job losses in March
Canada's jobs numbers are in for March and they are worse than expected. In the month of March the Canadian economy shed more than 1 million jobs in comparison to a consensus forecast of 500,000 job losses. All provinces and territories reported job losses, but on a relative basis Alberta suffered ... READ MORE >
Initial jobless claims surge by 6.6 million, implying unemployment rate of 14.6%
The carnage in the American labor market continued unabated for the week ending April 4 as first-time jobless claims soared to 6.6 million, which implies a real-time U.S. unemployment rate of 14.6% at a minimum. Once one takes into account those who have lost their jobs but are not showing up in the ... READ MORE >
How banks can help their customers navigate the coronavirus shock
As banks begin to help their small and midsize commercial borrowers obtain financing under the CARES Act, the reality is setting in just how severely the economy is being disrupted by the coronavirus. Even though the CARES Act provides a stimulus package of $2.39 trillion, or 11.4% of gross ... READ MORE >
U.S. economy shed 701,000 jobs in March as shutdown takes hold
Following 113 straight months of job gains, the U.S. economy shed 701,000 jobs in March, providing a glimpse of things to come. The internal dynamics inside the report are a sober, clear-eyed precursor to what is going to be the largest bloodletting in the labor market since the 1929-1933 period of the ... READ MORE >
The state-by-state toll of the coronavirus shutdown on the labor market
The widespread layoffs of American workers worsened in the third week of the coronavirus shutdown, with all states (with the exception of the Virgin Islands) now having reported a significant increase in initial jobless claims at some point during the three-week period. This strongly suggests that ... READ MORE >
Tectonic shift in initial jobless claims implies 10.1% unemployment rate
The tectonic shifts in the American labor market continued during the week ending March 28 as first-time jobless claims increased by a record 6.64 million, which implies a real-time unemployment rate of 10.1% at a minimum. Over the past two weeks, the pace of firings in the economy has surged as the ... READ MORE >
Expect initial jobless claims to surge this week as coronavirus spreads
As municipalities and states take action to stop the spread of the coronavirus -- and as businesses begin to shed labor – we expect the number of claims for unemployment benefits to mount. Because of the scope and scale of the human tragedy before us, we are not going to make a point forecast on the ... READ MORE >
Jobs report preview: Last estimate before coronavirus impact
We expect an increase of 178,000 in total employment when the Bureau of Labor Statistics releases its first estimate of nonfarm payrolls on Friday, with the unemployment rate holding steady at 3.6%. Before the global public health emergency, hiring was slowing in transport, trade, manufacturing and ... READ MORE >