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The recovery of the US economy is still slow, so that millions of people made unemployed by the coronavirus pandemic have still not found new jobs.
The latest figures were released Friday, when the Ministry of Labor reported that employers created 245,000 jobs in November, the fifth consecutive month in which the pace of recruitment slowed. The October figure has been revised downwards from 638,000 to 610,000.
In November, unemployment stood at 6.7%, down 6.9% on the previous month. However, this figure does not fully reflect the level of unemployment, as it does not include those who have left the labour force and are not actively looking for work.
According to Ella Coese, unemployment rates are seasonal: Labour Statistics Office
The total number of positions fell in November, partly due to the loss of 93,000 temporary typists who were no longer needed after the official count.
More than half of those who were unemployed at the beginning of the pandemic went back to work, but there are still about 10 million fewer jobs available than in February. Many people in this group still have a few weeks before they lose their unemployment benefits, as the emergency aid approved by Congress last spring expires at the end of the year.
We are now in an unusual position in the economy, says Ernie Tedeschi, economist at Evercore ISI. Because of the progress on the vaccine, the sunlight is far away, he said, but by that time we will have experienced some of the worst months of this pandemic and there will be many scars to heal.
The number of long-term unemployed continues to rise
Percentage of people unemployed for 27 weeks or more
Ella Coeze Seasonal data : Labour Statistics Office
The cargo of Covid-19 has doubled in the last month, leading to further restrictions and disruptions of trade and other activities. In a large part of the country, the cold weather will drive away the outdoor gastronomy on which many restaurants depend. And Congress was unable to agree on a new spending package that would help businesses and households in difficulty.
A restaurant worker cleaned the tables in Detroit earlier this month. Labour force participation seems to be stagnating well below pre-pandemic levels. Elaine Cromey for The New York Times.
The percentage of Americans in work or looking for work – a figure known as labour force participation – fell in November and remains well below pre-pandemic levels, suggesting that recovery will remain incomplete as 2020 approaches the end of the pandemic.
The employment rate increased last month to 61.5% from 61.7% in October. In February, before the start of the pandemic, the number of redundancies was 63.4 %.
Among peak workers, defined as those aged 25 to 54, the employment rate now stands at 80.9%, compared to 81.2% in October and 83% in February.
It is worrying that labour force participation seems to be stagnating well below pre-pandemic levels. After the 2007-2009 recession, labour force participation remained under pressure for many years during the boom period and served as a shadow for potential workers, even as unemployment rates fell.
It is not certain that this dynamic will repeat itself after this decline, which was very different.
But as the pandemic spreads, workers are again excluded from the labour market. This is particularly true for women of working age, who are disproportionately employed in the sectors most affected by efforts to contain the spread of infection and who are more likely to leave the labour market because of their family responsibilities. This is important because schools are completely or partially closed and children stay at home.
Federal Reserve officials and other economic policymakers look at numbers such as labor participation – and how they manifest themselves in different demographic groups – to summarize the recovery.
The economic turmoil has claimed many lives and created great uncertainty about the future, Jérôme X said. Fed Chairman Powell told lawmakers this week that we won’t lose sight of the millions of Americans who remain unemployed.
Decrease in unemployment in demographic terms
Unemployment rate of black, Latin American, Asian and white workers
Unemployment rate for men and women
The bets are seasonal, except for Asian men and women, Ella Coese said: Labour Statistics Office
Failures are present in almost all sectors of the labour market, but the pain is not evenly distributed.
In November, the unemployment rate of minorities was considerably higher than that of whites: 10.3 percent of black people, 8.4 percent of Spaniards and 6.7 percent of Asians were unemployed.
The unemployment rate for women fell to 6.1 percent from 6.5 percent in October, but this decrease is partly due to the fact that women, much more than men, take on the family burden of remote schools and closed day-care centres.
Women and undeclared workers take on a disproportionate number of tasks in the service sector and in public positions, which have been significantly reduced since February. In November alone, 21,000 local jobs were lost in the education sector.
The pandemic has led to radical changes in the economy and the labour market in a short period of time. Large sectors of the economy, such as hotels, travel and leisure, are in chaos, while other sectors, such as shipping, technology and cyber security, which support work and shopping from home, are growing.
The damage is uneven, said Jed Kolko, chief workplace economist. As in most cases of decline, he said, racial and ethnic differences are increasing and people with a lower level of education are more affected.
In other words, the damage to the labour market is different than in the past: The loss of so many jobs in the service sector has caused more damage in large cities.
With the coronavirus pandemic driving customers away from shops and homeworkers, it is not surprising that some of November’s greatest successes were in the transport, storage and healthcare sectors.
Employers continued to recruit in the business and professional services sector.
Becky Frankiewicz, president of recruitment and placement firm ManpowerGroup North America, said she saw signs of energy in the job market and noted that a survey of all posting jobs in November showed 11 million jobs, one million more than the previous month.
In November, wages were unevenly distributed across sectors
Cumulative change in pre-pandemic employment by industry
Ella Coeze Seasonal data : Labour Statistics Office
We can still see the weekly growth in employment, Mrs Frankevich said. We’re a long way from where we were, but we’re still limping to recover.
According to her there is seasonality, but the composition is different than in previous years. Instead of manning stores with sales staff working with cash registers, sales platforms and call centres, employers hire employees who work in warehouses and handle phone calls from home.
Nick Bunker, an economist on the job search site, said the story has been the same since the summer. While the upward trend in job offers continues to accelerate, the pace of improvement is slower than before, he said.
The advertising trend is about 12% lower than last year, Bunker said. This is much better than the bottom of the labour market, but labour demand does not seem to be close to zero.
Unemployed Americans, a large group of unemployed people in the nine months following the outbreak of the coronavirus pandemic, increasingly report having lost their jobs not only temporarily but also permanently.
Job loss is becoming increasingly probable
Percentage of jobs lost monthly due to temporary lay-offs
Ella Coeze Seasonal data : Labour Statistics Office
The percentage of unemployed people reporting temporary lay-offs has fallen in recent months and this trend continued in November. But coincidentally, more and more people are saying that their dismissal will not be temporary – 44.2% in November compared to 40.9% in October, according to the Labour Statistics Office published on Friday.
The report shows that 25.9% of the unemployed were temporarily laid off in November, while others resigned or re-entered the labour market.
In order to be considered unemployed in the event of temporary dismissal, a person must have a return date or expect to be recalled to work within six months. Because of the uncertainty surrounding the pandemic, persons who did not know whether they would be recalled were counted as temporarily fired by the Bureau.
The risk that the pandemic will affect the labour market in the long term is increasing as millions of people remain unemployed and their unemployment is likely to continue until they can find a new job. Spells of unemployment can damage workers’ CVs and deter some candidates by forcing them not to look at them at all.
If this happens because of the recession caused by the coronavirus, it is likely that black and Spanish workers and workers with a lower level of education will be affected unequally. These groups are severely affected by job losses, as many shops, restaurants and other service companies that have hired them have closed down disproportionately.
Economic officials are calling on Congress to provide additional economic support to cushion the shock. Some emergency programmes, such as debt forgiveness loans for small businesses and comprehensive unemployment insurance, are nearing completion or have already been completed.
Additional fiscal support is needed to overcome the second wave of Kovid and prevent the labor market, the dismantling of essential public and local services and bankruptcy, said Governor Lael Brainard of the Federal Reserve in a speech this week.
Microsoft is one of the largest companies dedicated to hiring professionals for many positions, often renouncing the requirements of a university education. A loan… Stuart Isett for The New York Times.
As many as 30 million U.S. employees without a four-year university degree have the skills to make a real transition to new jobs that pay on average 70 percent more than they do now. This assessment is the result of a collaboration between academics, non-profit researchers and business researchers who have extracted data on occupations and skills, reports Steve Lohr of the New York Times.
The results suggest a potential for upward mobility for millions of Americans who could move from low-paid jobs to medium- or higher-paying jobs.
However, the study also highlights the problems faced by workers: Currently, they are less mobile in terms of income than people with a university degree, which is generally regarded as the benchmark for qualifications. This is a widespread assumption, according to the researchers, which is deeply flawed.
We need to rethink who is a qualified professional and how competencies are measured and evaluated, said Peter Q. We need to rethink who is a qualified professional and how competencies are measured and evaluated. Blair, a Harvard labour economist who was part of the research team
This year, the researchers published a broad overview of the jobs, wages and skills of employees with a secondary school diploma, but without a four-year university degree, in the form of a work report from the National Bureau of Economic Research. In order to obtain the qualifications, the researchers used the classifications of the Ministry of Labour. They defined low-wage jobs as jobs that pay less than the country’s average annual salary of $38,000. The average salary is between $38,000 and $30,000. It is estimated that up to $77,000 will be available for the 2010-2011 biennium. Over $77,000 is paid for well paid work.
The highest paid employees without higher education were in computer, technical and management positions. The low-paid were divided into groups for personal hygiene and cooking.
A loan… Octavio Jones for the New York Times…
The cheesecake factory misled state investors about its financial situation in the spring when the coronavirus began to spread and officials imposed face-to-face restrictions on meetings, regulators said Friday.
The Securities and Exchange Commission fined the company $125,000. It is a relatively small fine, but the Cheesecake Factory, known for its huge menu of over 30 cheeses, was the first to be sanctioned for passing information during the pandemic.
In the regulatory documents of 23. Mars and 3. In April, the Cheesecake Factory informed investors that their restaurants work without interruption. In fact, the 294 restaurant chain lost about $6 million a week and according to its own internal estimates, the cash balance was only about 16 weeks.
Although the company described in its March documents the steps it was taking to deal with the pandemic – including borrowing $90 million from a corporate credit facility – it did not say it had told landlords that it would not pay April’s rent because of the pandemic.
The S.E.C. stated that it would provide more detailed information to the public limited companies and other creditors with whom it was negotiating the financial rescue line. The regulator indicated that the Cheesecake Factory agreed to settle the charges without pleading guilty and cooperated in the investigation.
When public companies describe to investors the impact of Covid-19 on their operations, they must speak out, said Stephanie Avagyan, director of the committee’s correctional department, in a statement.
The 20th. In April, the Cheesecake Factory announced a $200 million investment by private equity firm Roark Capital. The company’s CEO, David Overton, said at the time that the transaction had significantly increased the company’s liquidity to find its way into the nearby Covid 19 landscape.
A representative of the Cheesecake Factory referred on Friday to the company’s official statement confirming the settlement.
Mail from San Francisco to DoorDash.Credit….John G Mabanglo/EPA, via Shutterstock.
Food supply company DoorDash revised upwards its expectations for the IPO on Friday and raised the expected value to a new high of $35.3 billion.
In the amended prospectus, DoorDash stated that it had increased its expected price range for the shares to $90-95 per share from $75-85 earlier this week. At the top of the new range, the company will raise approximately $3.1 billion for sales.
DoorDash is one of the many start-ups that want to launch an I.P.O. before the end of this year, operating in dynamic stock markets and responding to investor demand for high-growth companies. Other new products to be sold before the end of the year are Airbnb, the Roblox gaming platform and the Wish e-commerce site.
DoorDash’s new valuation target, which is several billion dollars higher than the target set a few days ago, shows how high expectations are. In June, when private sector funds were raised, the company was worth $16 billion.
This week, DoorDash presented its offer to potential shareholders – virtually by videoconference – and talked about its enormous platform and growth during the pandemic. The company claims to be one of the winners in the food supply industry, although it is currently losing money.
The company is expected to begin trading on the New York Stock Exchange next week under the symbol DASH.
- Equities rose on Friday and Wall Street will close the week with continued growth over the past few weeks.
- Behind some of these successes lies the growing confidence that a deal will be made on Capitol Hill to save the coronavirus. A compromise is within reach, said majority leader Senator Mitch McConnell Thursday. Democratic leaders and some Republicans have expressed their support for the $908 billion aid package.
- The November employment report released on Friday shows a slowing recovery, with only 245,000 jobs created last month. On Thursday, the government said the number of first-time calls on U.S. government unemployment benefits fell last week after rising for two consecutive weeks.
- In the first tenders, the S&P 500 rose by about half a percent. European stock market indices were also higher: The Stoxx Europe 600 rose by 0.4%, while the British FTSE 100 rose by around 0.7%. Most Asian stock markets ended the day in a positive zone.
- Oil futures have also risen slightly as Brent crude oil simply did not reach $50 a barrel in early March after major producers agreed on Thursday to slightly increase production in January, which they said was a sign that global crude oil demand has recently risen after a largely bleak year for the oil sector.
- On the other side of the Atlantic, negotiations on braxite continue, perhaps until the last weekend. The transitional period for the United Kingdom’s withdrawal from the European Union ends on 31 December 2009. December, and it is still uncertain whether a trade agreement will be signed in the new year. Each agreement must be approved by the European Council, the main political body of the bloc, composed of the Heads of State or Government of the Member States. The last meeting of the year will take place next Thursday.
The restaurant in Paris is closed in November. The French Government will pay up to 10 days’ leave for each dismissed worker in restaurants, bars, hotels and sports centres which were closed at the time of the last closure in France. Credit…Gonzalo Fuentes/Reuters
In addition to the list of generous aid measures taken by France to protect workers and businesses against the pandemic, there is a new measure: the basis of the Leave of Workers Act.
At the end of Wednesday, the government announced that it would pay up to ten days’ holiday for every worker made redundant from restaurants, bars, hotels and sports centres, which had been forced to remain closed and lose business by the last French blockade.
The deposit, which according to the Ministry of Labour will cost several hundred million euros, came about after industry representatives complained that employers could not afford the benefits due to lack of income.
The hotel industry has been destroyed by forced exclusions and social isolation schemes. While shops in France have recently reopened since the second national blockade in October, restaurants and bars will remain open at least until January, encouraging employers to keep their employees out of holiday programmes.
Under a taxpayer-financed State aid scheme, the redundant workers receive 84% of their net wage subsidised by the State.
But even if employees don’t work, they still receive their company’s wages, so the holidays keep piling up. In France, employees benefit from 2.5 days of leave per month. According to the hotel and catering trade union, which represents the hotel and catering sector, 16 million paid holidays have not been taken since March, estimated by employers at EUR 1.5 billion.
Faced with potentially staggering bills, restaurants, hotels and gyms, many of which hardly ever swim, combined with cheap government loans and wage subsidies, the government was forced to offer additional financial benefits for holiday pay.
After tough negotiations in which the industry had asked the government to pay 15 holidays per employee, the Ministry of Labour agreed to pay the bill for 10 days. Employers receive full compensation, which means that if employees take holidays, they receive 100% of their salary.
Under the terms of the agreement, the restaurant, café, hotel, bar, gym and hotel staff will be free of charge for these days from 1 January until the scheduled reopening on 20 January. January. Shops can be closed if they are closed for at least 140 days this year or if sales have dropped by more than 90% during national blockades.
Since its defeat against the coronavirus, France has granted more than 400 billion euros in public loans and direct subsidies to prevent a wave of bankruptcies and mass unemployment.
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