ReportWire

Tag: Unemployment

  • Class of 2025 Enters the Toughest Job Market in Years – Big Interview Experts Say It’s Not All Doom

    As cap-and-gown celebrations wind down, a new challenge looms for the class of 2025: a job market that’s tougher than any seen in recent memory. According to the Federal Reserve, unemployment for recent graduates has outpaced the national average for the first time since 1980, with entry-level hiring freezes, AI automation, and economic uncertainty reshaping the traditional path from college to career.

    “Many of today’s entry-level roles are disappearing before new grads even have a chance to compete,” said Pamela Skillings, co-founder and chief coach at Big Interview, a job training platform used by hundreds of colleges and universities nationwide. “But that doesn’t mean opportunity is gone-it just means students need to be better prepared, more adaptable, and more strategic in how they present themselves.”

    Recent research confirms this, with a 2024 McKinsey report estimating 44% of global job tasks could be automated, with white-collar entry-level roles among the most affected. A LinkedIn survey of executives found that 63% believe AI will replace many entry-level tasks, altering job expectations for new hires.

    Skillings, who has coached thousands of job seekers through economic downturns, sees a shift in what employers are hiring for: adaptability, clarity of communication, and the ability to think critically in fast-changing environments.

    “AI may have changed the market, but it hasn’t changed what makes people hirable,” she said. “Hiring managers still want to hear your story, understand your strengths, and see how you solve problems. The graduates who learn to communicate that clearly will stand out – even in a flooded market.”

    According to Skillings, the students who fare best aren’t always the ones with perfect résumés or the most experience; they’re the ones who know how to position themselves, speak clearly about their strengths, and demonstrate problem-solving skills in real time.

    She also stresses that AI isn’t just changing who gets hired, it’s also changing how hiring happens. “AI is already baked into how companies operate, how they review resumes, and how they conduct interviews,” she said. “That means new grads need to learn how to collaborate with AI, not fear it.”

    Skillings encourages graduates to take small, strategic steps-even in the face of an overwhelming market. “Pick one thing you can do this week to move forward,” she said. “Sign up for a free AI course. Rework your résumé with a clear story. Explore a career path AI can’t replace. This isn’t just about getting a job-it’s about finding your place in a workforce that’s evolving fast.”

    About Pamela Skillings:
    Pamela Skillings is a nationally recognized career coach and co-founder of Big Interview. A former professor at NYU and former corporate VP, she has been featured in The New York Times, The Wall Street Journal, Forbes, and CNN. She is also the author of Escape from Corporate America and Job Interviewing for Dummies (2024 edition).

    About Big Interview:
    Big Interview is a premier AI-driven job interview training platform with partners including more than 700 higher education institutions, government workforce agencies and businesses, as well as individual clients.

    We prepare individuals for all aspects of the interview process with a vast library of video lessons and practice interviews, available in both English and Spanish, tailored to 1100+ job roles. Big Interview also provides real-time AI-powered feedback and personalized coaching to help users refine their skills. On average, Big Interview users secure employment in 4.4 weeks, compared to the national average of 23 weeks.

    Source: Big Interview

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  • Amidst the Rise of Virtual Interviews, Big Interview Shares Why Online Interview Training Tools Are Essential

    As the hiring process undergoes a digital transformation, virtual interviews are becoming the new default. But for many job seekers, this shift has introduced new barriers – unfamiliar technology, limited feedback, and subtle communication challenges that didn’t exist in traditional in-person settings. Enter Big Interview, the online platform helping people navigate this new landscape with confidence.

    Founded by renowned career coach Pamela Skillings, Big Interview combines a structured curriculum with AI-powered tools that help job seekers practice, improve, and perform in today’s interviews-whether they’re remote, in-person, or a hybrid of both. The platform has been proven to accelerate job placement: users land jobs up to 5x faster than the national average.

    “We’ve seen the hiring process fundamentally shift in the last five years – especially with the rise of remote roles and AI-powered screening tools,” said Pamela Skillings, Co-founder and Chief Coach at Big Interview. “Too many people are qualified but not prepared to tell their story effectively. That’s the gap we fill – giving job seekers a fair shot in a system that’s constantly changing.”

    Big Interview serves a broad set of audiences across education and workforce systems:

    • Higher Education: Over 700 colleges and universities rely on Big Interview to prepare students for job and internship interviews, offering scalable tools for career centers and academic programs alike.

    • Government & Workforce Agencies: State workforce systems in 10+ states including Texas, Maryland, Ohio, and Pennsylvania use Big Interview to help job seekers get back to work faster-reducing unemployment durations and saving millions in benefit payouts. In Maryland, the platform contributed to a 4-5 week reduction in unemployment duration.

    • K-12: Career and technical education (CTE) programs use the platform to teach foundational communication and interview skills to students exploring the world of work.

    • Returning Citizens: Big Interview offers practical, judgment-free interview prep for formerly incarcerated individuals, supporting successful reentry into the workforce with tools tailored to second-chance hiring environments.

    • Bilingual Access: Big Interview is fully available in both English and Spanish, ensuring broader accessibility for diverse job seekers, including English Language Learners and multilingual communities served by schools, workforce boards, and nonprofit partners.

    The platform’s AI-driven tools – including ResumeAI and VideoAI – deliver personalized feedback on resumes and interview performance, helping users refine their approach and improve with every attempt. These features empower job seekers to compete in a fast-evolving market that increasingly favors polish, clarity, and digital fluency.

    As virtual interviews become the norm and hiring expectations rise, Big Interview is helping individuals – and the institutions that support them – bridge the gap between potential and performance.

    To learn more, visit Big Interview online.

    Source: Big Interview

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  • How will Trump’s plans to deport undocumented migrants impact US economy?

    How will Trump’s plans to deport undocumented migrants impact US economy?

    Gloria Solis moved to the United States from Mexico in 1998. To put food on the table for her four children, she works in the agricultural sector in Washington state. She’s one of the estimated 31 million foreign-born workers in the US — documented or otherwise — who are helping to drive the US economy.

    She’s worried that if Republican presidential nominee Donald Trump gets elected, the life she has built for her and her family could be in jeopardy.

    Trump has made immigration, a hot-button issue this election, one of the pillars of his campaign. The role of immigrants in the startup economy is well known – 55 percent of US startups valued at $1bn or more were founded by immigrants, and some of the most famous names in Silicon Valley are those of foreign-born entrepreneurs, including Tesla chief Elon Musk and Google co-founder Sergey Brin.

    But what is often overlooked is the importance of immigrants, including undocumented ones, in other sections of the US society and economy.

    In his comments, Trump has drawn a stark line defining who would be welcome in the US should he be elected the next US president. In June, he promised “to staple a Green Card to anyone who graduates from any college, even 2-yr community colleges” — a claim that the campaign later walked back on.

    He has also publicly stated that he wishes to deport the 11 million undocumented immigrants in the US. His plan, championed by loyalists like Stephen Miller, who served as a top adviser during his first term, is inspired by a policy from the 1950s put in place by then-President Dwight Eisenhower who, during his time in office, deported more than a million undocumented migrants, primarily from Mexico.

    Much like human rights groups, economists too have slammed Trump’s plan.

    A report earlier this year from Moody’s said that Trump’s immigration policy would cause “significant tightening in the already-tight job market” and would greatly affect sectors of the economy such as healthcare, retail, agriculture and construction that depend on many of these workers.

    Workforce shortage

    Trump has argued that deportations would increase job opportunities for native-born workers, but a look at any of these sectors suggests that is not how things would necessarily pan out.

    Between farms, food-processing facilities and supermarkets, for instance, an estimated 1.7 million undocumented migrants work in the food supply chain, according to the Center For American Progress.

    According to a study from the University of Arkansas, 73 percent of agricultural workers are immigrants and 48 percent of them are unauthorised. In California, nine out of 10 agricultural workers are foreign-born like Solis.

    Miller, who before his stint in Trump’s administration was an aide to lawmakers, now runs American First Legal, a legal organisation which focuses on conservative causes. He told the New York Times in an interview last November that “Mass deportation will be a labour-market disruption celebrated by American workers, who will now be offered higher wages with better benefits to fill these jobs.”

    But “farmers have said again and again that they can’t find a local workforce”, Teresa Romero, president of the United Farm Workers, told Al Jazeera.

    In 2019, more than half of Californian farmers said they had trouble finding workers. It’s largely expected that if Trump gets his way, those shortages will only get worse.

    A study published in the Journal of Labor Economics found that for every one million deported migrant workers, there would be a loss of 88,000 jobs for US natives. That’s because businesses are less likely to expand labour opportunities if they lose their workforce and more likely to use the savings to invest in technology that can automate their work.

    “Estimates of the impact of that policy are vast and have a negative effect on the US economy … including [on] American natives,” Michael Clemens, professor of Economics at George Mason University, told Al Jazeera.

    Trump’s deportation plan “not only is going to impact the lives of farm workers, but is going to impact all of us. We depend on their work to make sure that we have food on our table,” Romero added.

    One study suggests that a total ban on immigrant labour would raise the cost of milk by 90 percent.

    The role of such workers is not restricted to the US food supply chain. Undocumented migrants account for more than 346,000 workers in the healthcare sector, 236,300 of whom are filling roles like personal health and home aides and nursing assistants.

    The US already has a healthcare worker shortage. For instance, according to Mercer Health, there are roughly 12,000 open nursing assistant jobs in Texas alone and more than 14,000 in California.

     

    Similarly, the construction sector overwhelmingly relies on foreign-born labourers. In immigrant-heavy states like Texas and California, migrant workers make up 40 percent of the sector’s workforce. And a National Association of Home Builders/Wells Fargo Housing Market Index (HMI) report found as much as a 65 percent construction labour shortage in some jobs like finished carpentry. Mass deportation would exacerbate that shortage.

    Trump has also blamed migrants for the current housing shortage, arguing they are taking up portions of the limited supply that would otherwise go to documented immigrants or native-born Americans.

    In a speech for the Economic Club of New York, Trump said he would ban mortgages for undocumented migrants, but as Al Jazeera has previously reported, those mortgages are a tiny fraction of overall mortgages. On the contrary, his proposal of across-the-board tariffs will raise construction costs on imports of lumber and steel, among many other items, further shooting up home prices.

    Trump’s policy proposals impact other sectors, too, including the transportation sector, where undocumented workers make up 6 percent of the workforce, and leisure and hospitality, where they comprise 8.4 percent.

    The Trump campaign did not respond to Al Jazeera’s request to clarify how the former president would address the exacerbated worker shortage if he is re-elected in November.

    Household incomes tumble

    A key part of Trump’s plan is to get rid of a programme known as Deferred Action for Childhood Arrivals (DACA). It is a law which was introduced during the administration of former US President Barack Obama and which shields from deportation those who came to the US without documentation as children.

    Trump’s attempts to end DACA as president were blocked by the Supreme Court, but he has vowed to try again if re-elected. That would impact the more than half a million people living in the US under DACA protections and their families.

    “The biggest impact would be the potential separation of my family. If Trump does what he says he’s going to do, which is try to clear out all the undocumented people, obviously that would leave my kids who are US citizens without their parents,” Solis told Al Jazeera.

    Apart from impacting Solis and families like hers, this would drastically affect the average household income amongst immigrant communities.

    A report from the Center For Migration Studies published during the 2017-2021 Trump administration shows that removing undocumented migrants from mixed-status households would cause a 47 percent reduction in average household income.

    An estimated 33 percent of unauthorised immigrants have at least one child who is a US citizen, according to the Migration Policy Institute. The Solis household fits this mould. Gloria has four children – all of them native-born US citizens.

    Revenue void

    It’s not just migrants who would be affected, but also the tax revenue they bring in.

    Undocumented immigrants paid $96.7bn in taxes – almost $60bn of which went to the federal government – in 2022. Migrants paid $25.7bn towards US Social Security programmes that they are unable to use themselves. Trump’s plan would undermine these workers and limit tax revenues that help fuel the US economy.

    “We would not only be missing out on the hard work that they do if they were to potentially be deported, but we’re also missing out on that additional revenue,” Marco Guzman, senior policy analyst at the Institute on Taxation and Economic Policy, told Al Jazeera.

    According to a report from the non-partisan Peterson Institute, deporting 7.5 million migrants would result in a 6.2 percent reduction in the US gross domestic product (GDP). And these estimates are still far short of the impact of Trump’s ideal plan, which would deport 11 million migrants.

    Alternatively, the non-partisan Congressional Budget Office forecasts that based on current trends, new immigrants would bring in $788bn in tax revenue over the next 10 years.

    In March, Goldman Sachs noted that increased migration would cause a slight increase in economic output – three-tenths of a percentage point.

    Neither Miller nor the Trump campaign responded to Al Jazeera’s request for comment.

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  • Report: Rising costs threaten state’s economic growth

    Report: Rising costs threaten state’s economic growth

    BOSTON — Rising labor costs and a stagnant workforce are threatening Massachusetts’ status as a leader in innovation and economic growth, according to a new report from an independent tax watchdog group.

    The Massachusetts Taxpayers Foundation new Competitiveness Index, released earlier in the week, found that while the state benefits from the “symbiotic relationship” between a highly educated workforce and key economic sectors such as health care and higher education, it also faces significant challenges related to cost and demographic shifts.

    Those include the state’s high cost of energy, housing, and childcare, as well as a declining labor force, aging population, and increasing rates of outmigration, the report’s authors said.

    “Massachusetts has long been a leader in innovation and economic productivity, but our ability to maintain this status is under threat,” said Doug Howgate, the foundation’s president.

    The foundation ranked the state’s competitiveness standing on a broad set of 26 key metrics, ranging from economic health, population and labor force trends to business, employment, and investment factors as well as resident’s quality of life.

    Among the key findings: Massachusetts’ talent and innovation are its biggest strength, with the state ranked first nationally in terms of adult residents with a bachelor’s degree, and first and second in performance among public school students in reading and math, respectively.

    But the state’s high cost of living and cost of doing business is a “major competitive disadvantage,” according to the report, with energy, unemployment insurance and taxes near the bottom of national rankings, the report authors said.

    Child care and housing costs, as well as commute times, also make Massachusetts a challenging place to raise a family, according to the report.

    The authors said the COVID-19 pandemic exacerbated preexisting demographic challenges and pointed out the state has seen a 2.4% decrease in its labor force since 2018, a trend they said is a “serious risk” to the state’s long-term economic growth.

    The state also ranks 45th in the nation for domestic outmigration, with many residents relocating to lower-cost states such as New Hampshire, the report noted.

    Gov. Maura Healey and legislative leaders have focused on boosting the state’s competitiveness in response to previous reports showing an exodus of people from the state in recent years. Healey argues that a lack of housing, among other factors, is impacting the state’s ability to attract and maintain businesses and families.

    But an economic development bill that would set aside hundreds of millions of dollars in bonding and tax credits and reauthorize the state’s life sciences initiative to boost competitiveness has been stuck in a six-member committee since the July 31 end of formal legislative sessions.

    The bill, a key plank of Healey’s first term agenda, was approved by the House and Senate but differences between the two bills still need to be worked out.

    The MTA’s new index, created with the Massachusetts Competitive Partnership and the University of Massachusetts at Amherst’s Donahue Institute, will be updated yearly to give policymakers, business leaders, and the public “a clear, data-driven understanding of how Massachusetts measures up against other states.”

    “If Massachusetts is going to be serious about improving our competitiveness and enhancing what our state offers to residents and employers, we need to start with shared understanding of where we stand and where we want to go,” Howgate said.

    Jay Ash, president and CEO of the Massachusetts Competitive Partnership, said the MTA report “provides a roadmap for the policies and strategies that can help us reverse these trends and build a stronger, more resilient economy.”

    “Massachusetts is a great state, but to maintain our competitive edge, we need to address the fundamental issues driving up costs and driving out talent,” he said.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com

    By Christian M. Wade | Statehouse Reporter

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  • U.S. Fed Chair: “The time has come” to begin reducing interest rates – MoneySense

    U.S. Fed Chair: “The time has come” to begin reducing interest rates – MoneySense

    Powell did not say when rate cuts would begin or how large they might be, but the Fed is widely expected to announce a modest quarter-point cut in its benchmark rate when it meets in mid-September.

    “The time has come for policy to adjust,” Powell said in his keynote speech at the Fed’s annual economic conference in Jackson Hole, Wyoming. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”

    His reference to multiple rate cuts was the only hint that a series of reductions is likely, as economists have forecast. Powell emphasized that inflation, after the worst price spike in four decades inflicted pain on millions of households, appears largely under control:

    “My confidence has grown,” he said, “that inflation is on a sustainable path back to 2%.”

    What’s the U.S. inflation rate?

    According to the Fed’s preferred measure, inflation fell to 2.5% last month, far below its peak of 7.1% two years ago and only slightly above the central bank’s 2% target level.

    The Fed chair also said that rate cuts should maintain the economy’s growth and sustain hiring, which slowed last month. Continued growth could boost Vice President Kamala Harris’ presidential campaign, even as most Americans say they are dissatisfied with the Biden-Harris administration’s economic record, largely because average prices remain far above where they were before the pandemic.

    “We will do everything we can,” Powell said, “to support a strong labour market as we make further progress toward price stability.”

    By cutting rates, he said, “there is good reason to think that the economy will get back to 2% inflation while maintaining a strong labour market.”

    The Associated Press

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  • Nonfarm payroll growth revised down by 818,000, Labor Department says

    Nonfarm payroll growth revised down by 818,000, Labor Department says

    The U.S. economy created 818,000 fewer jobs than originally reported in the 12-month period through March 2024, the Labor Department reported Wednesday.

    As part of its preliminary annual benchmark revisions to the nonfarm payroll numbers, the Bureau of Labor Statistics said the actual job growth was nearly 30% less than the initially reported 2.9 million from April 2023 through March of this year.

    The revision to the total payrolls level of -0.5% is the largest since 2009. The numbers are routinely revised each month, but the BLS does a broader revision each year when it gets the results of the Quarterly Census of Employment and Wages.

    Wall Street had been waiting for the revisions numbers, with many economists expecting a sizeable reduction in the originally reported figures. The new numbers, if they hold up when the BLS issues its final revisions in February, imply monthly job gains of 174,000 during the period, as opposed to the initial indication of 242,000.

    Even with the revisions, job creation during the period stood at more than 2 million, but the report could be seen as an indication that the labor market is not as strong as the previous BLS reporting had made it out to be. That in turn could provide further impetus for the Federal Reserve to start lowering interest rates.

    “The labor market appears weaker than originally reported,” said Jeffrey Roach, chief economist at LPL Financial. “A deteriorating labor market will allow the Fed to highlight both sides of the dual mandate and investors should expect the Fed to prepare markets for a cut at the September meeting.”

    At the sector level, the biggest downward revision came in professional and business services, where job growth was 358,000 less. Other areas revised lower included leisure and hospitality (-150,000), manufacturing (-115,000), and trade, transportation and utilities (-104,000).

    Within the trade category, retail trade numbers were cut by 129,000.

    A few sectors saw upward revisions, including private education and health services (87,000), transportation and warehousing (56,400), and other services (21,000).

    Government jobs were little changed after the revisions, picking up just 1,000.

    Nonfarm payroll jobs totaled 158.7 million through July, an increase of 1.6% from the same month in 2023. There have been concerns, though, that the labor market is starting to weaken, with the rise in the unemployment rate to 4.3% representing a 0.8 percentage point gain from the 12-month low and triggering a historically accurate measure known as the “Sahm Rule” that indicates an economy in recession.

    However, much of the gain in the unemployment rate has been attributed to an increase in people returning to the workforce rather than a pronounced surge in layoffs.

    “This preliminary estimate doesn’t change the fact that the jobs recovery has been and remains historically strong, delivering solid job and wage gains, strong consumer spending, and record small business creation,” White House economist Jared Bernstein said in a statement.

    To be sure, economists at Goldman Sachs said later Wednesday that they think the BLS may have overstated the revisions by as much as half a million. The firm said undocumented immigrants who now are not in the unemployment system but were listed initially as employed amounted for some of the discrepancy, along with a general tendency for the initial revision to be overstated.

    Federal Reserve officials nonetheless are watching the jobs situation closely and are expected to approve their first interest rate cut in four years when they next meet in September. Chair Jerome Powell will deliver a much-anticipated policy speech Friday at the Fed’s annual retreat in Jackson Hole, Wyoming, that could lay the groundwork for easier monetary policy ahead.

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  • Workers face uncertainty after closure of Tyson plant that employed 25% of Iowa town

    Workers face uncertainty after closure of Tyson plant that employed 25% of Iowa town

    Joe Swanson, a resident of Perry, Iowa, is no longer working in the town he loves and where his kids go to school. That’s because the city’s largest employer, a Tyson Foods pork plant, recently shut down.

    Swanson says when the company announced in March they were shuttering the plant, he couldn’t risk unemployment because of his health issues. So when he found a new job with health benefits, he says he took it and left Tyson around six weeks before it officially closed on June 28.

    “None of us picked this, and I just want everybody to be OK. Because I know how hard this is going to be for a lot of people,” said Swanson, who worked at the factory for nearly 14 years.

    Many of the 1,300 hundred other laid-off employees are now grappling with the same situation — living, but no longer working, in Perry. A new path forward may be somewhere else.

    “You have the power to make sure that you find the right opportunity that’s going to benefit you and your family,” Swanson said.

    But the reality in Perry is that the right opportunities left a long time ago. The meat processing plant is not modern enough for the company, and upgrades would simply cost too much. 

    “Maybe we were hoping for a miracle at first, where we can just turn off the lights on June 28th and turn them back on with a new user. And that’s simply not the case,” said Rachel Wacker, executive director of the Greater Dallas County Development Alliance.

    The Tyson plant employed about 25% of Perry’s working-age residents before it shuttered, according to city and county officials. Accounting for workers’ families and businesses directly related to the plant, about 60% of the town is affected by the closure.

    Two hundred team members relocated to Tyson facilities in Iowa and outside the state, Tyson Foods told CBS News.

    The plight of the so-called “one-factory” town is not new.

    In the 1970s, Youngstown, Ohio, was a thriving steel city of 140,000 people. The mills closed, and now the population is less than half of what it used to be, according to U.S. Census data. Ohio was hit hard again in 2008, when a shipping hub in Wilmington closed, leaving 42% of the working age population without a job.

    In Farmerville, Louisiana, a chicken plant that employed more than a third of the town shut down in 2009, the CBS News data team found.

    Back in Perry, people like Nacho Calderon are learning from history. After being laid off at the Tyson plant, he hopes to become a garbage or concrete truck driver.

    Driving garbage trucks in Perry requires a commercial drivers license. The local community college is giving trucking classes for free to give workers a shot at staying in town.

    Calderon says he’s sad he lost his job, and also for his coworkers who may not have cars or much money to help them get back on their feet.

    As Calderon is still looking for work, Swanson has this advice: “Take control.”

    He found a job handling maintenance at an apartment complex out of town.

    “[It’s] what I feel like is a great opportunity, and I want that for everyone,” Swanson said.

    It’s a hopeful wish for friends who lost their jobs, but against all odds, refuse to quit on their city.

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  • 8/2: CBS News Weekender

    8/2: CBS News Weekender

    8/2: CBS News Weekender – CBS News


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    Lana Zak reports on the market’s response to the July jobs report, the latest team USA Olympic medal count and meet a real-life “Emily in Paris.”

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  • Portland’s Unemployment Rate Essentially Unchanged In June – KXL

    Portland’s Unemployment Rate Essentially Unchanged In June – KXL

    PORTLAND, Ore. – The unemployment rate in the Portland metro area was 4.0 percent in June.

    That’s essentially unchanged from 4.1 percent in May.

    But, it’s higher than it was a year ago, when it was 3.4 percent.

    The area held steady with over 1.2 million non-farm jobs last month.

    More about:

    Grant McHill

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  • More Americans apply for jobless benefits as layoffs

    More Americans apply for jobless benefits as layoffs

    U.S. filings for unemployment benefits rose again last week and appear to be settling consistently at a slightly higher though still healthy level.


    What You Need To Know

    • U.S. filings for unemployment benefits rose again last week and appear to be settling consistently at a slightly higher though still healthy level
    • The Labor Department reported Thursday that jobless claims for the week ending July 13 rose by 20,000 to 243,000 from 223,000 the previous week
    • The total number of Americans collecting unemployment benefits rose after declining last week for the first time in 10 weeks
    • About 1.87 million Americans were collecting jobless benefits for the week of July 6, around 20,000 more than the previous week

    More Americans apply for jobless benefits as layoffs settle at higher levels in recent weeks

    Jobless claims for the week ending July 13 rose by 20,000 to 243,000 from 223,000 the previous week, the Labor Department reported Thursday.

    The total number of Americans collecting unemployment benefits rose after declining last week for the first time in 10 weeks. About 1.87 million Americans were collecting jobless benefits for the week of July 6, around 20,000 more than the previous week. That’s the most since November of 2021.

    Weekly unemployment claims are widely considered as representative of layoffs.

    Associated Press

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  • Fewer Americans file for jobless claims, but continuing claims rise

    Fewer Americans file for jobless claims, but continuing claims rise

    The number of Americans applying for unemployment benefits fell last week as layoffs remain at healthy levels despite elevated interest rates and inflation.

    The Labor Department reported Thursday that jobless claims for the week ending June 22 fell by 6,000 to 233,000 from 239,000 the previous week.

    However, the total number of Americans collecting unemployment benefits rose for the eighth straight week, to 1.84 million, for the week of June 15.

    The four-week average of claims, which softens some of the week-to-week volatility, rose by 3,000 to 236,000.

    Weekly unemployment claims — a proxy for layoffs — remain at low levels by historical standards, a sign that most Americans enjoy unusual job security. Still, after mostly staying below 220,000 this year, weekly claims have moved up recently.

    Associated Press

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  • 6/7: CBS News Weekender

    6/7: CBS News Weekender

    6/7: CBS News Weekender – CBS News


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    Lana Zak reports on President Biden’s speech on democracy and freedom in France, new data from the Labor Department that shows a hotter than expected jobs report, and what you need to know about the giant Joro spiders expected to make an appearance on the East Coast this summer.

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  • Denver is ‘the national leader for living wage jobs,’ according to a new study

    Denver is ‘the national leader for living wage jobs,’ according to a new study

    Alex Milyard (left) checks on recently poured concrete on the top of an I-70 tunnel in Elyria Swansea that will soon become a park. July 8, 2022.

    Kevin J. Beaty/Denverite

    The economic think tank Ludwig Institute for Shared Economic Prosperity made a claim that may surprise people struggling to afford life in Denver: “The Denver region was ranked as the national leader for living wage jobs.”

    Denver’s federal unemployment rate is just under 4%. However, according to the Ludwig Institute report, nearly 16% of the Denver area is “functionally unemployed.” 

    That 4% unemployment rate makes it look like the Denver economy is rosy. In reality, evictions are up, and affordability is one of the dominant issues on the minds of the locals Denverite speaks with each month.

    Ludwig’s number attempts to better represent working people’s struggles. The institute argues that the U.S. Bureau of Labor Statistics data overstates how well certain regions are doing based on the number of people who have jobs — even if those jobs are part-time and woefully inadequate for funding a comfortable life. 

    So which metric should we trust to assess the city’s current economic situation? Well, neither. At least in totality.

    So what does the Ludwig Institute’s True Unemployment Rate really count? 

    The institute calls its “functional unemployment” figure number the “True Rate of Unemployment,” or TRU — and it’s always higher than the federal unemployment rate released by the Bureau of Labor Statistics.

    “The TRU Out of the Population measures the percentage of people in the whole U.S. population that is functionally unemployed,” according to the study. “Using data compiled by the federal government’s Bureau of Labor Statistics, the True Rate of Unemployment Out of the Population tracks the percentage of the U.S. labor force that does not have a full-time job (35+ hours a week) but wants one, has no job, or does not earn a living wage, conservatively pegged at $25,000 annually before taxes.”

    The institute developed the True Rate of Unemployment scale to create a more accurate picture of how many people are actually making a living at their jobs. That’s in contrast to the standard unemployment rate from the federal government.

    “Generally speaking, the unemployment rate is calculated by simply dividing the number of unemployed persons — as defined by the U.S. Bureau of Labor Statistics (BLS) — by the number of persons in the labor force (employed or unemployed who are actively seeking employment) and multiplying by 100,” the study explains. “While [the BLS measure] may be elegant in its simplicity, it presents a very incomplete and, in many ways, misleading picture.”

    But here’s the thing

    The Ludwig Institute’s numbers also present a simplistic, incomplete and somewhat misleading picture — even if the think tank does a better job of portraying the struggles of workers in the region than the federal statistics.

    For anybody looking at Denver as a model: The $25,000 the institute counts as a living wage would be a stretch to live on. 

    A full-time worker making minimum wage ($18.29 per hour) would earn roughly $38,043 annually — well over the $25,000 cited in the study.

    In Denver, an annual income under $25,000 is less than 30% of the $91,280 area median income for an individual. A household in that situation would qualify for nearly all government-subsidized housing.  

    In fact, housing is so expensive here that Denver offers some forms of government-subsidized housing for people making up to 80% of the area median income, which is $71,900 for a single person and $92,400 for a household of three.

    Here’s what some private sector companies say people need to earn to live comfortably in the metro.

    “Denver residents need an annual income of $167,562 to afford the median home,” according to a spokesperson for Clever Real Estate, a real estate data company.

    That’s $76,282 more than the area median income for an individual. 

    According to a study by GoBankingRates, a personal finance website, renters in Denver need to earn $101,726 yearly to live without stress over bills, while homeowners need $144,616.

    In a 2022 study, the Ludwig Institute, looking at more localized data, stated that a household of four needed just over $101,000 to live comfortably in Denver — a jump of more than 60% since 2005. 

    These studies offer some variation in their analysis of what it takes to live in the Denver area. Most people live here on less. 

    Even so, by all counts, the Ludwig Institute’s $25,000 a year “livable” income — a national standard — would be a pittance of what a person needs in the Denver metro.

    Still, the Ludwig Institute says their measure has value

    The government’s liberal count of who is actually employed has given economists a false sense of what constitutes a functioning economy, the Ludwig Institute argues.

    High employment rates, as measured by the Bureau of Labor Statistics, are generally considered a sign of good economic health.

    Those numbers, according to the institute, give policymakers bad information about how everyday people are actually doing. 

    “This continued dependence on aggregate U.S. economic data constructed for a bygone era has been clouding the basic understanding of what’s happening on the ground,” the study states. ”New measures are needed if we are to understand what’s really going on.”

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  • Be mindful of what you post on social media after a layoff – MoneySense

    Be mindful of what you post on social media after a layoff – MoneySense

    To avoid any repercussions, Gupta suggests using a matter-of-fact tone when sharing the experience online. 

    “The world has changed. We know that jobs are not forever. With most layoffs, there is nothing to be ashamed of, even if you realize, ‘You know what, I wasn’t quite what they were looking for,’” she said. 

    “And if you can show a bit of class and professionalism, it goes a long way.”  

    Kadine Cooper, a career and life transition coach, said the first thing you should do after being informed of a layoff is take time to ground yourself and come to terms with the loss. Once you have processed those difficult emotions, ask yourself what you want to do next, where you can seek out mentorship and surround yourself with individuals who want you to succeed.

    The best way to share a career update

    When you’re ready to share your career update online, make sure to strike a positive and professional tone, as this can set you up for future opportunities, Cooper recommended.  

    “You still have the power, right? So start creating a positive narrative about it,” she said. 

    “Write your posts in a way that highlights your resilience and your adaptability and even maybe start emphasizing some of the experiences you gained during that time with the company.” 

    On the flipside, while some people choose to be candid about their layoff experiences to increase transparency around certain employers or industries, Cooper said “ranting and raging” on social media may hurt your future job prospects and discourage former co-workers from providing you with a reference for another job.

    The Canadian Press

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  • High interest rates and unemployment: Expectations for June’s rate announcement – MoneySense

    High interest rates and unemployment: Expectations for June’s rate announcement – MoneySense

    Meanwhile, Canada’s rise in unemployment comes as high borrowing costs weigh on businesses and strong population growth continues to add to the country’s labour supply. The unemployment rate was up one percentage point compared with a year ago.

    “The problem is that we got a slight decline in employment at a time when the population is still increasing, very, very quickly. And that was the main cause of concern within this report,” Grantham later said in an interview.

    Canada’s jobless rate and unemployment stats

    Statistics Canada says the rise in the jobless rate was driven by an increase of 60,000 people searching for work or temporarily laid off. The total number of unemployed people in the country stood at 1.3 million last month, an increase of nearly 250,000 compared with a year ago.

    Young people are particularly feeling the chill in the labour market. Employment among those aged 15 to 24 declined by 28,000 in March and the jobless rate for the group rose to 12.6%, the highest it’s been since September 2016 outside of pandemic years 2020 and 2021. An RBC report released in January said students and new graduates, rather than new arrivals to Canada, are driving the increase in unemployment in the country. (Here are the best jobs in Canada for immigrants.)

    “Close to half of the increase in the total number of unemployed people year-over-year in Canada… were students that were not in the job market and have started looking for work,” Janzen said.

    Photo by Maria Orlova from Pexels

    Friday’s report shows job losses last month were concentrated in accommodation and food services, followed by wholesale and retail trade and professional, and scientific and technical services. Meanwhile, employment increased in four industries, led by healthcare and social assistance.

    Despite weaker labour market conditions, wage growth continued to grow rapidly, with average hourly wages rising 5.1% annually.

    Although economists are gearing up for rate cuts in the coming months, the job market is expected to remain weak for a while.
    Janzen expects the unemployment rate to peak at 6.5% in the third quarter of the year, noting interest rates will continue to restrict growth until they return to normal levels.

    The Canadian Press

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  • U.S. employers added a surprisingly robust 303,000 jobs in March

    U.S. employers added a surprisingly robust 303,000 jobs in March

    America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates.


    What You Need To Know

    • America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates
    • Last month’s job growth was up from a revised 270,000 in February and far above the 200,000 economists had forecast
    • By any measure, it amounted to a strong month of hiring, and it reflected the economy’s ability to withstand the pressure of high borrowing costs resulting from the Federal Reserve’s interest rate hikes
    • With the nation’s consumers continuing to spend, many employers have kept hiring to meet steady customer demand

    America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates. Last month’s job growth was up from a revised 270,000 in February and far above the 200,000 economists had forecast. By any measure, it amounted to a strong month of hiring, and it reflected the economy’s ability to withstand the pressure of high borrowing costs resulting from the Federal Reserve’s interest rate hikes. With the nation’s consumers continuing to spend, many employers have kept hiring to meet steady customer demand. The unemployment rate dipped to 3.8% from 3.9% in February.

    Last month’s job growth was up from a revised 270,000 in February and was far above the 200,000 economists had forecast. By any measure, it amounted to a strong month of hiring, and it reflected the economy’s ability to withstand the pressure of high borrowing costs resulting from the Federal Reserve’s interest rate hikes. With the nation’s consumers continuing to spend, many employers have kept hiring to meet steady customer demand.

    Friday’s report from the Labor Department also showed that the unemployment rate dipped to 3.8% from 3.9% in February. That rate has now come in below 4% for 26 straight months, the longest such streak since the 1960s.

    The economy is sure to weigh on Americans’ minds as the November presidential vote nears and they assess President Joe Biden’s re-election bid. Many people still feel squeezed by the inflation surge that erupted in the spring of 2021. Eleven rate hikes by the Fed have helped send inflation tumbling from its peak over the past year and a half. But average prices are still about 18% higher than they were in February 2021 — a fact for which Biden might pay a political price.

    The Fed’s policymakers are tracking the state of the economy, the job market and inflation to determine when to begin cutting interest rates from their multi-decade highs — a move eagerly awaited by Wall Street traders, businesses, homebuyers and people in need of cars, household appliances and other major purchases that are typically financed. Rate cuts by the Fed would likely lead, over time, to lower borrowing rates across the economy.

    The central bank’s policymakers started raising rates two years ago to try to tame inflation, which by mid-2022 was running at a four-decade high. Those rate hikes — 11 of them from March 2022 through July 2023 — helped drastically slow inflation. Consumer prices were up 3.2% in February from a year earlier, far below a year-over-year peak of 9.1% in June 2022.

    Yet the sharply higher borrowing costs for individuals and companies that resulted from the Fed’s rate hikes were widely expected to trigger a recession, with waves of layoffs and a painful rise in unemployment. Yet to the surprise of just about everyone, the economy has kept growing steadily and employers have kept hiring at a healthy pace. Layoffs remain low.

    Some economists believe that a rise in productivity — the amount of output that workers produce per hour — made it easier for companies to hire, raise pay and post bigger profits without having to raise prices. In addition, an influx of immigrants into the job market is believed to have addressed labor shortages and slowed upward pressure on wage growth. This helped allow inflation to cool even as the economy kept growing.

    In the meantime, the Fed has signaled that it expects to cut rates three times this year. But it is awaiting more inflation data to gain further confidence that annual price increases are heading toward its 2% target. Some economists have begun to question whether the Fed will need to cut rates anytime soon in light of the consistently durable U.S. economy.

    Biden noted in a statement that Friday’s jobs report pushed the number of jobs added during his administration over 15 million, which he called a milestone.

    “Three years ago, I inherited an economy on the brink,” he said. ” … Wages are going up. Inflation has come down significantly. We’ve come a long way, but I won’t stop fighting for hardworking families.”

    Acting Labor Secretary Julie Su told Spectrum News this month’s jobs report “is a part of a story of President Biden’s leadership and what that has meant for the economy.”

    “Overall, we are pleased with the report,” she said. “But more, it’s a reflection of steady, stable growth that has characterized this economy since the president came into office.”

    Associated Press

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  • U.S. employers added a surprisingly robust 303,000 jobs in March

    U.S. employers added a surprisingly robust 303,000 jobs in March

    America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates.


    What You Need To Know

    • America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates
    • Last month’s job growth was up from a revised 270,000 in February and far above the 200,000 economists had forecast
    • By any measure, it amounted to a strong month of hiring, and it reflected the economy’s ability to withstand the pressure of high borrowing costs resulting from the Federal Reserve’s interest rate hikes
    • With the nation’s consumers continuing to spend, many employers have kept hiring to meet steady customer demand

    America’s employers delivered another outpouring of jobs in March, adding a sizzling 303,000 workers to their payrolls and bolstering hopes that the economy can vanquish inflation without succumbing to a recession in the face of high interest rates. Last month’s job growth was up from a revised 270,000 in February and far above the 200,000 economists had forecast. By any measure, it amounted to a strong month of hiring, and it reflected the economy’s ability to withstand the pressure of high borrowing costs resulting from the Federal Reserve’s interest rate hikes. With the nation’s consumers continuing to spend, many employers have kept hiring to meet steady customer demand. The unemployment rate dipped to 3.8% from 3.9% in February.

    Last month’s job growth was up from a revised 270,000 in February and was far above the 200,000 economists had forecast. By any measure, it amounted to a strong month of hiring, and it reflected the economy’s ability to withstand the pressure of high borrowing costs resulting from the Federal Reserve’s interest rate hikes. With the nation’s consumers continuing to spend, many employers have kept hiring to meet steady customer demand.

    Friday’s report from the Labor Department also showed that the unemployment rate dipped to 3.8% from 3.9% in February. That rate has now come in below 4% for 26 straight months, the longest such streak since the 1960s.

    The economy is sure to weigh on Americans’ minds as the November presidential vote nears and they assess President Joe Biden’s re-election bid. Many people still feel squeezed by the inflation surge that erupted in the spring of 2021. Eleven rate hikes by the Fed have helped send inflation tumbling from its peak over the past year and a half. But average prices are still about 18% higher than they were in February 2021 — a fact for which Biden might pay a political price.

    The Fed’s policymakers are tracking the state of the economy, the job market and inflation to determine when to begin cutting interest rates from their multi-decade highs — a move eagerly awaited by Wall Street traders, businesses, homebuyers and people in need of cars, household appliances and other major purchases that are typically financed. Rate cuts by the Fed would likely lead, over time, to lower borrowing rates across the economy.

    The central bank’s policymakers started raising rates two years ago to try to tame inflation, which by mid-2022 was running at a four-decade high. Those rate hikes — 11 of them from March 2022 through July 2023 — helped drastically slow inflation. Consumer prices were up 3.2% in February from a year earlier, far below a year-over-year peak of 9.1% in June 2022.

    Yet the sharply higher borrowing costs for individuals and companies that resulted from the Fed’s rate hikes were widely expected to trigger a recession, with waves of layoffs and a painful rise in unemployment. Yet to the surprise of just about everyone, the economy has kept growing steadily and employers have kept hiring at a healthy pace. Layoffs remain low.

    Some economists believe that a rise in productivity — the amount of output that workers produce per hour — made it easier for companies to hire, raise pay and post bigger profits without having to raise prices. In addition, an influx of immigrants into the job market is believed to have addressed labor shortages and slowed upward pressure on wage growth. This helped allow inflation to cool even as the economy kept growing.

    In the meantime, the Fed has signaled that it expects to cut rates three times this year. But it is awaiting more inflation data to gain further confidence that annual price increases are heading toward its 2% target. Some economists have begun to question whether the Fed will need to cut rates anytime soon in light of the consistently durable U.S. economy.

    Biden noted in a statement that Friday’s jobs report pushed the number of jobs added during his administration over 15 million, which he called a milestone.

    “Three years ago, I inherited an economy on the brink,” he said. ” … Wages are going up. Inflation has come down significantly. We’ve come a long way, but I won’t stop fighting for hardworking families.”

    Acting Labor Secretary Julie Su told Spectrum News this month’s jobs report “is a part of a story of President Biden’s leadership and what that has meant for the economy.”

    “Overall, we are pleased with the report,” she said. “But more, it’s a reflection of steady, stable growth that has characterized this economy since the president came into office.”

    Associated Press

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  • These companies have laid off Canadian workers in 2024 – MoneySense

    These companies have laid off Canadian workers in 2024 – MoneySense

    Taxes

    2023 tax credits, due dates and when you can file: Your 2023 income tax return guide

    We have everything you need to know about tax credits, changes and deadlines, and more. Get the info you…

    The Canadian Press

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  • Maryland unemployment, still among the nation’s lowest, ticks up for third straight month – WTOP News

    Maryland unemployment, still among the nation’s lowest, ticks up for third straight month – WTOP News

    After claiming the title of lowest state unemployment rate in the country last year, Maryland’s unemployment rate rose for the third consecutive month in February.

    After claiming the title of lowest state unemployment rate in the country last year, Maryland’s unemployment rate rose for the third consecutive month in February.

    Virginia’s unemployment rate held steady last month.

    The Labor Department’s Bureau of Labor Statistics reports Maryland’s seasonally-adjusted unemployment rate in February was 2.4%, up from 2.3% in January and 2.2% in December.

    Virginia’s unemployment rate was 3.0%, unchanged from December and January. It was about the same as a year earlier.

    North Dakota had the lowest state unemployment rate in February, at 2.0%, followed by South Dakota, at 2.1%. California now has the highest unemployment rate among states, at 5.3%, displacing Nevada, which now has the second-highest state unemployment rate, at 5.2% in February.

    Nationally, the unemployment rate in February rose 0.3% to 3.9%.

    Maryland had about 24,000 more jobs at the end of February. Virginia ended the month with a year-over-year payroll gain of 38,000 jobs.

    The Bureau of Labor Statistics posts monthly unemployment and civilian payroll changes by state online.

    Get breaking news and daily headlines delivered to your email inbox by signing up here.

    © 2024 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.

    Jeff Clabaugh

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  • How to qualify for EI benefits in retirement – MoneySense

    How to qualify for EI benefits in retirement – MoneySense

    What are EI benefits? What are special benefits?

    Regular benefits are paid to eligible employees who lose their job through no fault of their own, JM. Typically, this would include those who are terminated because of a restructuring or those who work in seasonal industries.

    Special benefits include parental benefits (maternity and parental leave), sickness benefits (for those who cannot work due to injury or illness), compassionate care benefits (for those caring for a seriously ill family member needing end-of-life care) or parents of critically ill children benefits (regardless of their age).

    An optional retirement is not a qualifying reason for EI benefits, JM, because it does not fall into the special benefits categories and regular benefits are not meant to pay out to people who choose to stop working.

    Can you get EI if you quit your job in Canada?

    If your retirement, JM, is not your choice, you may qualify for regular benefits. Of note is that there are several reasons when quitting a job is considered “just cause,” but you must be able to substantiate to Service Canada that quitting was the only reasonable option.

    These reasons may include:

    • sexual or other harassment
    • needing to move with a spouse or dependent child to another place of residence
    • discrimination
    • working conditions that endanger your health or safety
    • having to provide care for a child or another member of your immediate family
    • reasonable assurance of another job in the immediate future
    • major changes in the terms and conditions of your job affecting wages or salary
    • excessive overtime or an employer’s refusal to pay for overtime work
    • major changes in work duties
    • difficult relations with a supervisor, for which you are not primarily responsible
    • your employer is doing things which break the law
    • discrimination because of membership in an association, organization or union of workers
    • pressure from your employer or fellow workers to quit your job

    Can you receive EI and OAS and CPP?

    If you do qualify for EI benefits, JM, your Old Age Security (OAS) pension won’t impact your eligibility for EI benefits, since it is an age-based pension that does not have to do with work or earnings. However, Canada Pension Plan (CPP) or Québec Pension Plan (QPP) benefits will, as they are pensions that are related to work and earnings. Likewise, with employer pension plans and even foreign pensions that arose from employment in another country.

    CPP, QPP and employer pensions generally constitute “earnings” that reduce your entitlement to EI benefits and must be reported to Service Canada. These types of earnings are deducted from your EI benefits.

    There is an impact on your EI if you have earnings while receiving it, whether from employment, self-employment, or CPP/OAS/workplace pension income. You lose $0.50 of your EI for every $1 you earn up to 90% of your previous weekly earnings. For earnings in excess, EI benefits get reduced dollar-for-dollar.

    Jason Heath, CFP

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