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Keyword: jobs

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  • Dow surges nearly 1,000 points after jobs report shows surprise jump in payrolls, fall in unemployment rate

    06/05/2020 10:11:54 AM PDT · by SeekAndFind · 18 replies
    Market Watch ^ | 06/05/2020 | By William Watts and Mark DeCambre
    Stocks rose sharply Friday after the U.S. May jobs report showed a surprise 2.5 million jump in payrolls and a drop in the unemployment rate to 13.3% as businesses began to reopen from the COVID-19 pandemic lockdowns. How are benchmarks performing? The Dow Jones Industrial Average US:DJIA jumped 950 points, or 3.6%, to 27,226, while the S&P 500 US:SPX rose 88 points, or 2.9%, to 3,201. The Nasdaq Composite US:COMP advanced 191 points, or 2%, to 9,807 and was briefly trading above its record closing level of 9,817.18 set on Feb. 19. The Nadaq-100 US:NDX , meanwhile, rose 171 points,...
  • Washington Post blasted over inaccurate 'grim milestone' tweet on unemployment rate: ‘It’s not true’ (20%)

    06/05/2020 9:55:58 AM PDT · by knighthawk · 8 replies
    Fox News ^ | June 05 2020 | Brian Flood
    The Washington Post was blasted on social media after it jumped the gun with an inaccurate tweet Friday claiming the May U.S. unemployment rate was close to 20 percent, moments after the actual report indicated the rate unexpectedly had dropped to 13.3 percent. “Grim milestone to be reached as May unemployment rate nears 20 percent,” the Post wrote in a now-deleted tweet to accompany a now-edited story with the same inaccurate headline. May’s 13.3 is significantly down from a record high in April, indicating the nation's economy is recovering faster than expected from the coronavirus lockdown – but it appears...
  • VIDEO: Shocked Reactions to STUPENDOUS May Jobs Report

    06/05/2020 10:18:21 AM PDT · by PJ-Comix · 13 replies
    YouTube ^ | June 5, 2020 | DUmmie FUnnies
    VIDEO There was quite a bit of shock today when it was announced that the unemployment rate DECLINED in May despite most economists predicting it would rise to 20%. Here are a few shocked reactions to the May jobs report. My favorite reaction is from the angry guy who is whining that the unemployment really rose but that the stats were faked by the Labor Department.
  • CNN doesn't air Trump jobs report remarks; Fox News, ABC, CBS, NBC carry in full

    06/05/2020 10:05:59 AM PDT · by yesthatjallen · 22 replies
    The Hill ^ | 06 05 2020 | Joe Concha
    CNN opted not to air President Trump's remarks on Friday's surprise jobs report showing 2.5 million jobs were added to the economy in May, with MSNBC carrying the comments partially, and Fox News, ABC, NBC and CBS carrying the speech from the Rose Garden in full. The president was in a celebratory mood following the report that the unemployment rate dropped from 14.7 percent in April to 13.3 percent in May. Analysts had expected the report would show unemployment rising to as high as 20 percent, and the new figures suggested an economic rebound could come more quickly. Stocks jumped...
  • Krugman Conspiracy Theory: It’s Possible Trump Admin Got BLS to Fudge GREAT Jobs Report

    06/05/2020 9:21:29 AM PDT · by JV3MRC · 43 replies
    NewsBusters ^ | 6/5/2020 | Joseph Vazquez
    President Donald Trump’s economy proved it’s not going down without a fight. An excellent new jobs report has Keynesian New York Times economist Paul Krugman babbling about a Trump conspiracy on Twitter to make sense of it.
  • Dow up nearly 700 points after jobs report shows surprise jump in payrolls, fall in unemployment rate

    06/05/2020 8:03:45 AM PDT · by ConservativeInPA · 59 replies
    MarketWatch ^ | June 5, 2020 | William Watts and Mark DeCambre
    Stocks rose sharply Friday after the U.S. May jobs report showed a surprise 2.5 million jump in payrolls and a drop in the unemployment rate to 13.3% as businesses began to reopen from the COVID-19 pandemic lockdowns. How are benchmarks performing? The Dow Jones Industrial Average DJIA, +3.16% jumped 692.87 points, or 2.6%, to 26,974.69, while the S&P 500 SPX, +2.53% rose 68.63 points, or 2.2%, to 3,180.98. The Nasdaq Composite COMP, +1.88% advanced 160.03 points, or 1.7%, to 9,775.85. On Thursday, the Dow ended 11.93 points, or less than 0.1%, higher at 26,281.82. The fourth straight gain matches a...
  • May sees biggest jobs increase ever of 2.5 million as economy starts to recover from coronavirus

    06/05/2020 7:43:33 AM PDT · by Lazamataz · 48 replies
    CNBC ^ | PUBLISHED FRI, JUN 5 20208:31 AMQQ | Q
    Nonfarm payrolls rose by 2.5 million in May and the unemployment rate fell to 13.3%. Wall Street estimates had been for a decline of 8.3 million and a jobless level of 19.5%, which would have been the worst since the Great Depression era. Much of the gain came from those classified as temporary layoffs due to the coronavirus-related economic shutdown. Leisure and hospitality represented almost half the jobs gained. Employment stunningly rose by 2.5 million in May and the jobless rate declined to 13.3%, according to data Friday from the Labor Department that was far better than economists had...
  • Trump declares victory as US unemployment drops to 13.3%

    President Donald Trump took a victory lap on news of a 13.3% US unemployment rate Friday, announcing in a tweet he would be holding a surprise news conference at 10:00 a.m.
  • Trump touts surprise job figures: 'These numbers are incredible'

    06/05/2020 7:27:12 AM PDT · by Red Badger · 29 replies ^ | By Morgan Chalfant - 06/05/20 09:22 AM EDT
    TRENDING: George Floyd Coronavirus Donald Trump Joe Biden Trump touts surprise job figures: 'These numbers are incredible' By Morgan Chalfant - 06/05/20 09:22 AM EDT 690 24 AddThis Sharing Buttons Share to Facebook Share to Twitter Just In... Three alleged members of far-right movement charged with attempting to incite violence at Las Vegas protests State Watch — 2m 10s ago Former NYPD commissioner Kelly: If unrest continues, 'we are going to need the National Guard' Media — 10m 36s ago At least five Alabama football players have tested positive for the coronavirus: report News — 18m 24s ago Justice...
  • LIVE: President Trump holds a Press Conference, 6/5/2020 10AM EDT

    06/05/2020 6:20:10 AM PDT · by Buckeye McFrog · 209 replies ^ | 6/5/2020 | Donald J. Trump
    President Trump holds a Press Conference on 6/5/2020 at 10AM EDT. Links below.
  • Unemployment drops to 13.3% in May as economy adds 2.5M jobs

    06/05/2020 5:40:02 AM PDT · by NohSpinZone · 138 replies
    Fox Business ^ | 6/5/2020 | Megan Henney
    The U.S. unemployment rate unexpectedly dropped to 13.3 percent in May, down from a record high in April as the nation's economy began to gradually reopen from the coronavirus lockdown.
  • Unemployment insurance weaning

    05/29/2020 12:03:30 PM PDT · by karpov · 11 replies
    The Grumpy Economist ^ | May 29, 2020 | John H. Cochrane
    As the economy recovers, public policy faces an inevitable dilemma. How do we wean the economy from support? This comes to the head with federal support for unemployment insurance -- $600 per week, set to expire at the end of July. The unemployment rate will still be high in July. Congress seems to have largely given up, in public, of thinking clearly about the economic purpose of policies, and now the discussion is entirely in terms of who deserves additional "help," often in moral terms -- "people" vs "corporations," various regions, sizes of business, "communities," and so on. How can...
  • Coronavirus job losses are hitting these 3 states the hardest

    05/28/2020 10:49:17 AM PDT · by SeekAndFind · 22 replies
    Yahoo Finance ^ | 05/28/2020 | Zack Guzman
    The number of jobs lost due to the coronavirus shutdown continue to mount, with the latest weekly total of Americans applying for unemployment benefits topping 2 million, yet again. The latest swath of applications brings the total amount of jobless claims to more than 40 million over the past 10 weeks, wiping out the 20 million jobs added over the last decade by a two-to-one margin. But some states have been feeling the impact of job losses more than others. A Yahoo Finance review of jobless claims data from the U.S. Department of Labor shows that Georgia and other states...
  • Young Americans Don’t Need College During a Crisis

    05/25/2020 4:12:16 AM PDT · by karpov · 8 replies
    James G. Martin Center for Academic Renewal ^ | May 25, 2020 | Chloe Anagnos
    The American economy is deteriorating “with alarming speed,” Federal Reserve Chair Jerome H. Powell said recently, signaling that the government’s response to COVID-19 put people in a difficult financial situation. Though Powell predicts this problem is temporary, a closer look at growing unemployment numbers shows that America might not bounce back quickly once the lockdowns end. To young people in school or who have recently graduated, the current situation might seem like a minor obstacle. But to older siblings who suffered during the 2008 recession, a broken economy doesn’t sound like a minor problem at all. As a matter of...
  • US Unemployment Insurance Replacement Rates During the Pandemic (pdf)

    05/25/2020 3:19:42 AM PDT · by karpov · 10 replies
    National Bureau of Economic Research ^ | Peter Ganong, Pascal J. Noel, and Joseph S. Vavra
    We use micro data on earnings together with the details of each state’s UI system under the CARES Act to compute the entire distribution of current UI benefits. The median replacement rate is 134%. Two-thirds of UI eligible workers can receive benefits which exceed lost earnings and one-fifth can receive benefits at least double lost earnings. There is sizable variation in the effects of the CARES Act across occupations and states, with important distributional consequences. We show how alternative UI expansion policies would change the distribution of UI benefits and thus affect resulting liquidity provision, progressivity, and labor supply incentives.
  • Wisconsin shed 439,000 jobs in five weeks; claims overload unemployment benefits system

    05/22/2020 12:44:38 PM PDT · by Diana in Wisconsin · 18 replies Times ^ | May 22, 2020 | Steven Elbow
    New numbers released Thursday show that Wisconsin lost 439,400 jobs in a five-week period after the state went into lockdown in March, a jaw-dropping number that has no historical parallel. “Today's report shows the significant impact that the COVID-19 global pandemic has had on the Wisconsin economy and underscores the importance of rationally and safely reopening our state,” said Department of Workforce Development Secretary Caleb Frostman in a press release announcing the U.S. Bureau of Labor Statistics data. “A strategy based on science that reduces the likelihood of additional outbreaks and further economic instability is the only way to get...
  • U.S. Gun Sights Maker Re-Engineers Factory To Supply Elite Military During Pandemic

    05/22/2020 7:28:41 AM PDT · by Kaslin · 13 replies
    The Federalist ^ | May 22, 2020 | Madeline Osburn
    'There's no one in the U.S. that does what we do. That would leave the option of really going to Asia...and there's no chance that they can deliver the kind of quality that we do." Leupold is a 113-year-old, family-owned business manufacturing rifle scopes, firearm sights, and other optics in Beaverton, Oregon. With more than 650 employees and a factory that runs seven days a week, they manufacture the types of products that have to work every time, under pressure.“That moment of truth when is when you’re behind that sight and pulling the trigger, and we want to make sure...
  • Joe Biden Pledges To Eliminate Tens Of Thousands Of Midwest Jobs by Killing the Keystone XL Pipeline

    05/21/2020 7:46:58 AM PDT · by SeekAndFind · 10 replies
    Hotair ^ | 05/21/2020 | Jazz Shaw
    While tens of millions of Americans are wringing their hands and wondering whether or not their jobs are ever going to come back, Joe Biden is promising to eliminate the employment prospects of tens of thousands of additional people. How? By “killing” the Keystone XL pipeline. Assuming such a feat is even possible without risking the government losing a very expensive lawsuit, the downstream impact of such a decision would produce plenty of totally avoidable disasters for people in multiple states. And at the same time, at least under current conditions in the oil market, it would have almost...
  • Tens of thousands of Americans apply for contact tracing jobs: 5 things to know

    05/19/2020 10:29:42 AM PDT · by buckalfa · 27 replies
    Becker's Hospital Review ^ | May 19, 2020 | Kelly Gooch
    As the U.S. aims to reduce the spread of COVID-19, tens of thousands of Americans have applied for contact tracer roles to help track cases and exposure, according to The New York Times. Five things to know about these workers: 1. At least 11,142 contact tracers are working now in the U.S., according to a survey conducted in late April by NPR. The number may be higher since figures for all states in the late April survey have not been updated. 2. Estimates of how many contact tracers are needed nationwide range from 100,000 to 300,000, according to NPR and...
  • Don’t Be Fooled By Official Unemployment Rate Of 14.7%; The Real Figure Is Even Scarier

    05/12/2020 8:30:00 AM PDT · by Responsibility2nd · 26 replies
    Forbes ^ | 05/10/2020 | Shahar Ziv
    The Bureau of Labor Statistics (BLS) released unemployment data on Friday showing that the U.S. economy lost over 20 million jobs in April with the unemployment rate spiking to 14.7 percent, the worst since the Great Depression. The report reinforces what many have already seen up close, which is the continuing economic carnage on the American economy caused by the coronavirus. Here’s the scary part, as shocking as the data is, reality is much worse because of quirks in the BLS methodology. If 14.7 percent unemployment is a “portrait of devastation,” as the New York Times referred to it, then...