When the jobs report is released on Friday, we expect that there will be roughly 22 million jobs lost and that the unemployment rate will increase to 17%, both of which will understate the labor dynamics at play across the economy. … READ MORE >
unemployment
American Badlands: 30 million unemployed in six weeks
In just over six weeks, 30.2 million Americans have joined the ranks of the unemployed, which implies a near real-time unemployment rate of 23.8%. For the week ending April 25, approximately 3.83 million individuals filed for first-time unemployment claims. … READ MORE >
Claims for unemployment insurance continue to overwhelm state agencies
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. But this is only the fifth week since the economies of most states were shut down to stop the spread of the coronavirus, and the levels remain extraordinarily high. … READ MORE >
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. … READ MORE >
Canada should brace for a long recovery: More than 1 million job losses in March
In the month of March the Canadian economy shed over 1 million jobs in comparison to a consensus forecast of 500,000 job losses. … 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. … READ MORE >
How banks can help their customers navigate the coronavirus shock
Even though the CARES Act provides a stimulus package of $2.39 trillion, or 11.4% of gross domestic product — along with a relaxing of rules surrounding payment deferrals and loan modifications by banking regulators — that may not be enough to blunt the continued decline in economic activity. … 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 Great Depression. … 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. … 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 6.64 million. … READ MORE >