What will happen when everyone gets on board with reopening?
The unemployment rate is currently at 6.2% which is much better than it has been, but much worse than it was pre-pandemic. The reality is that we may never get back to the full employment situation we previous had, and if we do get close it will likely be with part-time lower paying jobs, rather than the higher paying full time jobs that were created over the past four years.
There are simply too many businesses that will never reopen and too many people who will never see the same sort of pay that they had prior to the pandemic. The fact that people are being paid to stay home and that many businesses are hurting to find people to actually work, mans that there is a ton of low hanging fruit out there for the employment picture. So getting from where we were down to the six percent range was never going to be that rough, especially with so many people outside the workforce right now.
But when things get better and people rejoin the workforce, we will be looking at needing to add millions of jobs to get back to where we were. We may find it was much easier to drop a few percent down to six percent than it will be to get us back to the four percent range we had been at.
10 comments:
The problem will be hourly wage jobs. They rose significantly 2017 thru 2019. 5.5% in 2019 alone. But Biden is letting in millions of workers who will compete forvthesr jobs. This will hold wages down again.
I tried to explain this to the board's dumb fat ass but it was like talking to a rock.
The problem will be hourly wage jobs. They rose significantly 2017 thru 2019. 5.5% in 2019 alone. But Biden is letting in millions of workers who will compete forvthesr jobs. This will hold wages down again.
Dementia Joe’s team is on it.
On immigration, for example, the go-to move is to call people who object to open borders racists and nativists. But what’s behind it? As Biden economic adviser Jared Bernstein commented: “A tight job market pressures employers to boost wage offers . . . One equally surefire way to short-circuit this useful dynamic is to turn on the immigrant spigot every time some group’s wages go up.” Immigration as a way of keeping working-class wages down.
I tried to explain this to the board's dumb fat ass but it was like talking to a rock.
He comes here simply to troll and he’s not very good at it.
Roger laid out his Belief on Employment.
"Thecoldheartedtruth is the former is responsible for the deaths until the 100th day of the Biden administration.".
So The job spike are Trumps.
Using Alky Logic.
Just saw a great characterization of Joe Biden as President - Max Headroom. Lol. So accurate.
Myballsinthewoodsagain, that is perfect.
Bloomberg News.
"Black Unemployment Rate Rises Despite Declines for All Other Groups
Catarina Saraiva
Fri, March 5, 2021"
Did Biden receive 93% of the black voters?
If so Congrats.
The Wall Street Journal reports that kputz is not very bright.
February Hiring Sets Up Stronger Spring RecoveryRestaurant employment booms amid renewed consumer spending and fewer restrictions
U.S. employers added 379,000 jobs and the unemployment rate ticked down to 6.2%.
The U.S. economy is set up for a stronger recovery this spring after a February surge in hiring at restaurants and other hospitality businesses created the best monthly job growth since last fall.
Employers added 379,000 jobs in February and January gains were revised higher to 166,000 jobs, the Labor Department said Friday. The pickup comes after employers cut jobs late last year
The unemployment rate, determined by a separate survey, ticked down to 6.2% last month. The rate is well below a near 15% pandemic peak in April 2020, but remains above 2019’s 50-year lows. Overall, the U.S. has 9.5 million fewer jobs than a year earlier, just before the coronavirus pandemic took hold in much of the country.
U.S. stocks gained on Friday afternoon in a wild trading session that followed the employment report’s release, while government-bond yields extend a recent surge.
In February, most of the job gains occurred in the leisure and hospitality sector, which includes restaurants, adding 355,000 jobs. There were smaller increases in temporary help services, manufacturing and healthcare.
The gains reflect reduced business restrictions, more people receiving vaccines, a lower level of Covid-19 infections and a recent round of government aid to households and businesses, which boosted consumer spending early this year.
“Some consumers are dipping their toes back in,” said Nela Richardson, a Ph.D. economist at human-resources software firm Automatic Data Processing Inc. In addition to restaurants, there were job gains at hotels, stores and in personal services, such as salons. “[Consumers] maybe not willing to fly off on an airplane, but appear more willing to dine in at a neighborhood restaurant.”
The job gains reinforce other signs of economic momentum. Household income growth surged in January and consumers boosted spending, according to separate Commerce Department reports, reflecting government-stimulus payments to individuals and enhanced unemployment benefits at the start of the year. Demand for manufactured goods is also rising and home sales are trending at 14-year highs.
Dr. Richardson said she expects hiring to accelerate further in the coming months, to more than a half-million jobs a month. “We’ll see a burst in hiring before things start to taper off again,” she said.
Mama Fox Bar & Restaurant in Brooklyn, N.Y., has hired five employees in recent weeks after New York City allowed restaurants to resume indoor dining at 25% capacity.
That marked a turnaround from January when the staff was reduced to a few workers amid operating restrictions and colder weather. Ms. DiStefano said indoor dining has been steady since it resumed in early February, particularly on colder days such as Valentine’s Day, when temperatures in New York were near freezing.
“The ability for people to get vaccinated is making people relieved,” she said.
The opening of service-sector jobs is aiding the employment prospects of some workers disproportionately affected during the pandemic. The unemployment rate for women, who are more likely to hold jobs at stores and restaurants, fell to 6.1% in February. Their rate is now below that of 6.3% for men.
The unemployment rate also declined for Latino and Asian workers. However, the rate increased for Black workers to 9.9%.
“Hispanic and Asian workers, who saw large job losses last spring, are increasingly being hired as service businesses start to reopen,” said Daniel Zhao, senior economist at job-rating site Glassdoor. “The elevated Black unemployment rate is a concern for the overall economy. Historically, we know Black workers tend to be the first fired and last hired.” That has been sympathetic for hundreds of years.
It took nearly a decade into the last economic recovery, which began in 2009, when Barack Obama was the President, for Black workers to see the unemployment rate gap with white workers start to narrow.
https://www.wsj.com/articles/february-jobs-report-unemployment-rate-2021-11614909553?st=2z73qu97n59yf2w&reflink=share_mobilewebshare
Most job growth came from service industries as the pandemic lockdowns ease in most states. Leisure and hospitality created 355,000 new jobs in the month as restaurants and bars opened further. Retailers added another 41,100. The hiring pace should escalate in March as the great national Democratic reopening continues.
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