Labor

1.5 Million People Applied for Unemployment Last Week

NickelsMcHughMcHugh
18 June 2020

Tens of millions of Americans have filed for unemployment during the coronavirus pandemic. This historically high number increased by another 1.5 million last week as many people continue to struggle to make ends meet. Although the gradual reopening of businesses…

Vox: “Why we’re seeing mass layoffs in the US but not the UK”

NickelsMcHughMcHugh
29 May 2020

With tens of millions of Americans currently out of work, the U.S. is experiencing an unemployment crisis on a scale not seen since the height of the Great Depression. This video looks at the devastating effects of rising joblessness while…

Women Account for 55 Percent of Coronavirus Job Losses

NickelsMcHughMcHugh
13 May 2020

Last month, 20.5 million people lost their jobs, sending the unemployment rate skyrocketing to 14.7 percent. Economists predict that the actual jobless rate could be even worse when factoring in people who are out of work but not collecting unemployment benefits. Experts also expect that things will only get worse in May as job cuts spread to white-collar workers. “It’s devastating,” said Ryan Sweet of Moody’s Analytics. “There’s someone behind each of these numbers. It’s going to take years to recover from this. There’s a case to be made that a lot of these are temporary layoffs, so hopefully people can return to work quickly as we begin to reopen the economy — but there’s no guarantee in that.”

Innovative Ways some Restaurants are responding to COVID-19

Audrieanna Burgin
2 April 2020

The restaurant and service industries in our nation have been severely impacted by COVID-19. The Food Action Policy released a detailed blog regarding ways Congress can assist the restaurant industry during this time. The FPA states that the restaurant industry is crucial to our economy, contributing “$1 trillion to our economy and representing 4% of our gross domestic product.” Restaurants all over the nation are closed due to COVD-19. “Up to seven million people have been laid off, and millions of farmers, beverage suppliers, delivery people, manufacturers, launderers, and other small businesses will have their bills go unpaid, creating an unprecedented trickle-down effect of damage to these local restaurants and their communities.” The FPA estimates a $225 Billion loss in revenue over the next 3 months.

3.3 Million Americans Applied for Unemployment Last Week

NickelsMcHughMcHugh
27 March 2020

After the federal government placed a ban on gatherings of ten or more people last Monday, restaurants and bars across the country either closed or drastically altered their operations. Although such measures are necessary to contain the spread of coronavirus, countless businesses have had to furlough workers or lay them off entirely as a result. In fact, statistics released by the Labor Department this morning found that a record 3.3 million Americans applied to receive unemployment benefits last week.

Major Sports around the World Temporarily Shut Down

NickelsMcHughMcHugh
17 March 2020

Due to concerns about the spread of coronavirus, representatives from athletic leagues across the globe have announced that they will temporarily halt play. On Wednesday, the National Basketball Association was the first to suspend competition after a player on the…

Coronavirus Closures Lead to Layoffs

NickelsMcHughMcHugh
17 March 2020

On March 11th, 2020, the World Health Organization officially classified coronavirus as a pandemic, causing the Dow Jones Industrial Average to plummet by nearly 1,500 points. This rapid decline in the market has reversed more than a decade of expansion…

Is Labor Market Signaling the Weakening of Macroeconomic Models?

Elham Saeidinezhad
6 March 2020

U.S. labor department’s latest statistics, published on January 10th, suggested that the unemployment rate remained at a 50-year low of 3.5 percent. However, the same report indicates thatU.S. wage growth dropped below 3 percent. These two developments are in sharp contrast with…

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