U.S. Jobs Report Likely to Show Start of Record Labor-Market Collapse

[mahatmakanejeeves]

Analysis

U.S. Jobs Report Likely to Show Start of Record Labor-Market Collapse

Economists expect Friday’s March data won’t reflect the magnitude of jobs being lost due to the coronavirus pandemic

By Eric Morath
April 3, 2020 5:36 am ET

The March jobs report is expected to show the start of a labor-market collapse that this spring could shed all the U.S. jobs added by employers in the past decade and push the unemployment rate to record highs.

The near shutdown of swaths of the U.S. economy due to the new coronavirus pandemic—from corner restaurants to manufacturing plants to international tourism—is inflicting damage on the labor market that economists say dwarfs the most significant economic downturns of the post-World War II era. And it is playing out...

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[gibraltar72]

1. It's classified.

[delisen]

2. Which type of govt jobs programs will we need in 2021

Let's start the discussion. Now because we need to ramp up fast in January.

We need local community investment, climate change planning and work, public health, and much more.

If we don't start now and just stay reactive everything will be gobbled up by the financial sector again.

[Cicada]

6. Another tunnel NJ to Manhattan

I live on the left coast but I understand what a huge chunk of gdp centers around NYC. The tunnels are old and could suffer a failure. We need a backup for that reason alone. But even if the old tunnels keep working another tunnel would help the economy. Trump vetoed this tunnel before but now it needs to be green lit.

My dad at 14 in the depression joined the civilian conservation corps. They went from Mississippi to Nevada where they planted a million trees. We can bolster flood protection, fire protection. Plenty of productive work is waiting to be done.

[delisen]

9. I had an uncle in the CCC !

[Cicada]

10. My dad got paid $19 per month plus $2 for ice cream

He kept $5 and sent the rest back home to his parents.

[mahatmakanejeeves]

4. In 4-8 weeks the U.S. will lose more than double the 8.7 million jobs cut from payrolls 2007-9

In 4-8 weeks the U.S. will lose more than dou­ble the 8.7 mil­lion jobs cut from pay­rolls dur­ing the 2007-2009 re­ces­sion and its af­ter­math. And those jobs were lost over 25 months.

Link to tweet

[duforsure]

5. Under trump no numbers can be trusted as true

He has a long history of exaggerations with numbers, and if they say 6.6 million claims it could likely be double or triple that if trumps in office. No confidence in this government under a trump. He's lost, and desperate, and until he's gone we will see everything collapse. Dump trump GOP!

[Cicada]

7. You can't fake DOL numbers

First, the DOL has a long history of integrity. Second the data has to match a thousand inputs. If numbers Fed in from California don’t match federal reports for California plenty of people will spot the fakery. No one is smart enough to manipulate DOL statistics.

[UpInArms]

8. The U.S. officially lost 701,000 jobs in March, but in reality millions vanished

The numbers: The U.S. lost 701,000 jobs in March, the government’s employment official scorecard showed, but the real losses were much greater: At least 10 million jobs and counting as the coronavirus bore down on the economy.

The reported decline in employment was the biggest in 11 years and one of the largest ever, but it’s going to get dwarfed by the job losses in April.

The Labor Department’s employment summary for last month was gleaned from a survey completed in the first two weeks of March, just before the COVID-19 pandemic began to devastate the economy.

Yet the number of people nationwide who applied for unemployment benefits in the last two weeks of March alone soared by a record 10 million, according to the more recent data on initial jobless claims. Countless Americans have been laid off or furloughed with businesses shutting down across the country to slow the spread of the virus.

Employment Situation Summary

Edited to add excerpt from the Summary:

Data collection for both surveys was affected by the coronavirus. The |
| household survey is generally collected through in-person and telephone |
| interviews, but personal interviews were suspended during the collection |
| period for the safety of interviewers and respondents. The household survey |
| response rate, at 73 percent, was about 10 percentage points lower than in |
| recent months. In the establishment survey, about one-fifth of the data is |
| generally collected by telephone at four regional data collection centers. |
| Although these centers were closed during the collection period, efforts were |
| made to collect data electronically. The collection rate for the establishment |
| survey, at 66 percent, was about 9 percentage points lower than average.

More at ...

https://www.marketwatch.com/story/the-us-officially-lost-701000-jobs-in-march-but-in-reality-millions-vanished-2020-04-03?mod=mw_latestnews