JOBS REPORT: UNEMPLOYMENT JUMPS To 14.7 pct.

[James48843]

April jobs report:
U.S. employers cut a record 20.5 million payrolls,
unemployment rate jumps to 14.7%


The U.S. economy shed a record 20.5 million payrolls in April, and the unemployment rate jumped to 14.7%, as the coronavirus pandemic forced businesses across the country to temporarily shut down and lay off or furlough workers.

Here were the main figures from the U.S. Department of Labor’s report released Friday morning, compared to consensus estimates compiled by Bloomberg:

• Change in non-farm payrolls: -20.5 million vs. -22 million expected and -870,000 in March
• Unemployment rate: 14.7% vs. 16.0% expected and 4.4% in March
• Average hourly earnings month on month: +4.7% vs.+0.4% expected and +0.5% in March
• Average hourly earnings year on year: +7.9% vs. +3.3% expected and +3.3% in March

Estimates for April’s change in non-farm payrolls and unemployment rate each spanned a wide range, as economists grappled with gauging the damage as businesses across the country laid off and furloughed workers at a historic rate.
At 20.5 million, the actual decline in payrolls for the month was by far the worst on record, according to government monthly payrolls data spanning back to 1939. The worst fall in payrolls amid the global financial crisis was by 800,000 in March 2009.
MORE Details:
https://finance.yahoo.com/news/jobs...ment-rate-coronavirus-pandemic-165316546.html

 

[Rod]

Re: JOBS REPORT: UNEMPLOYMENT JUMPS To 14.7 pct.

Thank you for the summary link, James!

 

[Bullitt]

Re: JOBS REPORT: UNEMPLOYMENT JUMPS To 14.7 pct.

"Unemployed" can now pull in around $978 per week vs $378 per week on average. In the age of lawsuits, nobody is going to argue with someone who thinks their work place is a biohazard, so just furlough and apply for benefits.

#endtheshutdown

Awful, yes, but only half as bad as it looks for the economy.

Why? Because roughly half of American workers can earn more from unemployment benefits than they earned at their jobs prior to the coronavirus shutdown, according to Eric Morath at the Wall Street Journal. On top of state unemployment, federal coronavirus stimulus is adding $600 per week.

When my sister reached out to employees to make the return-to-work schedule for this month, half of the staff said they did not want to return to work until their unemployment benefits ran out at the end of July. One employee claims to be making $3,000 per month, far more than he made from salary and tips. Many small businesses report similar situations.

https://www.realclearmarkets.com/ar...nt_isnt_nearly_as_bad_as_it_looks_491185.html

 

[Whipsaw]

Re: JOBS REPORT: UNEMPLOYMENT JUMPS To 14.7 pct.

I'm told when an employer offers the job back and it is refused, that gets reported and the unemployment checks stop.

 

[Bullitt]

Re: JOBS REPORT: UNEMPLOYMENT JUMPS To 14.7 pct.

Agree, but it sounds like in this episode of the twilight zone the old rules no longer matter.

You may file a complaint for any of the following reasons:

• You are being forced to work at a non-essential business
• You know about a business that is non-essential and is operating
• You are being forced to work for an essential business, however:
  • You do not perform an essential function
  • Your employer is making you report to a worksite when your job could be performed from home
  • Your employer is not following health and safety mandates
  • You are particularly frightened because you are over 70 and/or you have an underlying illness.

https://labor.ny.gov/workerprotection/laborstandards/coronavirus-complaints.shtm

I can't speak for other states but that's the law in a one party state.

All the above are pretty easy justifications to massage in the employees favor.

When the $600 'bonus' expires in July, the job is filled with someone new and health care gets dropped, you know who they'll blame it on.