Absolutely devastating and shocking what is happening.
Jobs Report - 20.5 Mil jobs lost in April and 15% unemployment
- Thread starter athigpe
- Start date
Average hourly earnings up $1.34 in April to $30.01, which indicates that the lowest wage earners were hit the hardest.
Losses by sector:
Construction - 975k
Manufacturing - 1.3m
Retail - 2.1m
Transportation - 584k
Movies/sound - 216k
Real estate - 222k
Admin support - 1.5m
Healthcare - 1.4m
Child care - 336k
Food services - 5.5m
Local government - 801k
State government - 180k
Losses by demographic:
-13% adult men
-15.5% adult women
-31.9% teenagers
-14.2% Whites
-16.7% Blacks
-14.5% Asians
-18.9% Hispanics
Losses by sector:
Construction - 975k
Manufacturing - 1.3m
Retail - 2.1m
Transportation - 584k
Movies/sound - 216k
Real estate - 222k
Admin support - 1.5m
Healthcare - 1.4m
Child care - 336k
Food services - 5.5m
Local government - 801k
State government - 180k
Losses by demographic:
-13% adult men
-15.5% adult women
-31.9% teenagers
-14.2% Whites
-16.7% Blacks
-14.5% Asians
-18.9% Hispanics
A lot of lower wage workers want to be on unemployment right now because they net more on unemployment than they made in their jobs. A strategic “flaw” of the stimulus bill. My understanding is that loophole closes in July.
A significant number of businesses will not survive
I don't know that I would say a "lot", but I'm sure there are some. I think most people who are already employed do so because they believe in providing for themselves if they are able.
Able-bodied people who don't believe in that were probably on unemployment already.
surprised to see so many construction jobs lost. Seems like construction has been continuing unabated during the trump shutdown.
I also think many understand that skipping out on work for unemployment is an extremely short term financial strategy. My sister works for a movie theater and is making more now than when she worked, but fully intends to go back. She’s saving the extra money she’s getting now.
I think you would be surprised... Had a conversation with someone this week whose daughter is in this predicament as an hourly worker. She typically nets about $600 a week and on unemployment she’s making $800 a week. When you’re a lower wage worker with so much uncertainty in the economy and you have an opportunity to earn over 30% more doing nothing or maybe doing some side jobs under the table... That’s a tough call and a situation that shouldn’t have happened.
For the record, I don’t blame the people trying to figure out how to maximize their take home pay within the bounds of the current rules. It’s no different than what most of us do to try to lower our tax burden. I blame the the short-sited politicians with an agenda in an election year...
Where do things like hotels, travel-related, and entertainment-related business fit into those categories? I would think they are the most hammered of all. Are they some special category of Retail?
7.7 million total lost for leisure and hospitality.
https://www.bls.gov/news.release/empsit.nr0.htm
Yeah, I don't know how you find the "right" number. For some like your friend's daughter, it's too much. For others, it's probably too little (especially those who live in places with a high cost of living).
I don’t think the word loophole means what you think it means
My cousin who’s a lazy fvck engineer found some voluntary 30 day furlough in the ge handbook . He’s got the full 3k with his kids & wife stupid . Plus the 1000 ish a week approved unemployment . Then just goes back to work in 30 days . It’s fairy revolting to me
Restrictions in NY, Mich, and some other states different than they are in the Southeast.
Blame the Dems on their blackmailing tactics of digging in their heels until that provision was included.
Construction has been shut down completely in 5 states. It has been limited to varying degrees in 20 others. Here in the southeast, we haven’t seen the slow down, or shut down, like they have elsewhere.
I own a company that has 270 employees and I had some already laid off before the PPP came into play. When we got the loan we put everyone back on the payroll and we got some flack from some employees. If the refuse the pay they lose the unemployment benefits but I have to spend 76% on payroll and show the same headcount by 6/30.
meanwhile, China and their little dictator get off scott free with the NWO(whatever the health org is called) continually backs their every move.
I know a fair amount of small business owners in the Charleston area...there are a lot of people choosing not to go back to work.
“loop·hole
/ˈlo͞opˌ(h)ōl/
Learn to pronounce
noun
- an ambiguity or inadequacy in the law or a set of rules.”
That’s because economics is rejected now. Apparently no one has to work and printing money = free money.
now the question is if Clemson will give me a refund for my economics degree.
It needs to close asap. People sitting at home making 48,000 a year on Govt checks is not ideal for restarting your economy.
1. Open our state, its past time to quit it with this bs.
2. Get these people back to work, stop furloughing health care workers and killing our healthcare system
3. Stop giving out handouts, that was never a good idea to get the economy back up and running. If you do not fee the hurt of lost income you have no push to get another job. Thats what keeps our economy rolling. It is literally the lifeblood of our GDP.
I agree with this 100%. One other thing that needs to happen now is legislation to prevent employees or customers from suing a business if they get the virus. Small business need the reassurance that they aren’t going to get sued for something that’s 100% out of their control.
Construction completely halted in states with great leadership like Michigan and New York
Exactly, and to be honest it is not just the low wage workers. I know a good bit of people furloughed who are enjoying the crap out of this. They know they keep their jobs, and are making roughly 48 grand a year to do NOTHING. Which 48 grand is not much, but it also is just enough to not be motivated.
They now see how much fun it is to crank beers everyday knowing they are on a vacation that might last for a full year. Now, try pulling the pacifier out of their mouths and telling them to get back to work. This is an absolute freaking nightmare.
ABSOLUTE FREAKING NIGHTMARE.
One which can and will crumble and entire country
There are going to a lot of layoffs from companies the first week of July.
All 12 of my employees can't wait to get back to work. I have a few who made a little more on UE but people want a job and the current UE arrangement runs out in 6 weeks.
I'm skeptical of anecdotes of people milking UE for a few more weeks and risking a job, benefits, etc.. Either they weren't planning on coming back to work to begin with or their long term prospectus at that job was already in question. The job market is going to be tight coming back and people know this.
I'm skeptical of anecdotes of people milking UE for a few more weeks and risking a job, benefits, etc.. Either they weren't planning on coming back to work to begin with or their long term prospectus at that job was already in question. The job market is going to be tight coming back and people know this.
Democrat Congress demanded this. They wanted to jack up the unemployment rate going into the Fall. Just months before the election. They’re even trying to get it extended.
The $600 flat federal unemployment bonus was not a number drawn out of thin air.
It represents the national average gap between what state unemployment pays and a claimant's full wages.
The goal was to quickly replenish people's full wages who lost their jobs due to Covid-19, for a limited amount of time. Benefits expire in July. A weighted number was considered but would have been much more cumbersome to apply in a system facing an unprecedented flood of claims.
That was the "agenda" or "loophole" some of you are so up in arms about. @Jimmy Greenbeans @Tigerfaith @jmh9713 @Earle36
It represents the national average gap between what state unemployment pays and a claimant's full wages.
The goal was to quickly replenish people's full wages who lost their jobs due to Covid-19, for a limited amount of time. Benefits expire in July. A weighted number was considered but would have been much more cumbersome to apply in a system facing an unprecedented flood of claims.
That was the "agenda" or "loophole" some of you are so up in arms about. @Jimmy Greenbeans @Tigerfaith @jmh9713 @Earle36
It's going to crash. It has to. A lot of big companies are going to lay off tons of people and post horrific numbers come Q2 and Q3. It's coming and people are blind as a bat if they don't see it. Even if things were to fully open right now, the damage has already been done. My personal opinion is that this will eventually shake out to be worse than 2008. I am not an economist or a financial guru and I hope I am wrong. I have taken the necessary precautions with our investments just in case. I think the amount of evidence to show where we are headed is overwhelming IMO.
Yep, the recovery will take much longer because of these government policies. More companies also laid off because the unemployment benefits are so good right now.
Why pay an employee with limited revenue when the government will right the check?
Well one reason would be avoid to increased unemployment taxes down the road. It's a difficult situation. There are no perfect or easy answers. Allowing people a limited amount of time to keep their full wages with unemployment during the Covid-19 peak and as the economy reopens is a sensible approach.
I’m not “up in arms.” Just pointing out that the package gives some able-body workers the opportunity to make more not working than they were when they worked. Unemployment is meant to be a social safety net to help people get by when they’re in between jobs. Creating a situation where it’s profitable for some will have negative impacts and prolong what is already a dire financial crisis. Just my opinion...
It doesn't mean people are wrong to do it. It made it easier for a lot of employers to let their employees go knowing that they have that out there for them. However, the unintended consequence that everyone was worried about before they passed this thing was whether people would come back to work if they opened back up before the timeline of the increase had ended. Everyone was worried, but Congress. My sister owns a daycare for instance. They closed for a month. She used savings to make payroll the entire month, so that she would have a staff ready to go when they reopened. She was also banking on the PPP money which she got on the second round. She really sweated that out. However, she knew that her business needed to be one of the first types of businesses back, so she gambled because she knew if she furloughed her staff that some would not come back until the higher unemployment benefits had ended. Regardless of what people say about integrity, it has been an incentive to lay people off, as well as, people to go on unemployment. I think within months of those benefits ending you will see a huge dip in those numbers. That is, of course, if those businesses can survive without a workforce for that long.
I agree with this. I don't have an issue with the increase, but they should have taken it month to month like the shutdown. Not just put a date out there months and months away. That was irresponsible. And if people think that wasn't put out there so that the numbers were still going to be bad in November, then you need to think again. Not a political guy, but that was the biggest political move throughout this whole thing.
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