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Jobs day will likely reveal a false start to the recovery.
The increasing spread of COVID-19 and the upcoming fiscal fiscal cliff point to long lasting economic pain.
https://www.epi.org/blog/what-to-watch-on-jobs-day-a-false-start-to-the-recovery/
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The increasing spread of COVID-19 and the upcoming fiscal fiscal cliff point to long lasting economic pain.
https://www.epi.org/blog/what-to-watch-on-jobs-day-a-false-start-to-the-recovery/
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The latest jobs data for June out tomorrow will likely show some improvements in the labor market. We should remember that these improvements come at a cost: increased spread of COVID-19. In the states that have lifted restrictions, there are measurable increases in cases.
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Given recent re-shuttering, the job gains we saw last month may not last. Even if we see some job gains, the losses this spring were mammoth. Recent health trends plus the upcoming fiscal cliff means the economic pain will certainly be long lasting.
https://www.epi.org/blog/cutting-off-the-600-boost-to-unemployment-benefits-would-be-both-cruel-and-bad-economics-new-personal-income-data-show-just-how-steep-the-coming-fiscal-cliff-will-be/
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https://www.epi.org/blog/cutting-off-the-600-boost-to-unemployment-benefits-would-be-both-cruel-and-bad-economics-new-personal-income-data-show-just-how-steep-the-coming-fiscal-cliff-will-be/
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On Thursday, with the jobs report, there will be two other important data releases: the latest unemployment insurance claims and CBO's economic forecasts.
These releases will show enormous and long lasting economic hardship.
Here is my quick rundown of labor market data:
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These releases will show enormous and long lasting economic hardship.
Here is my quick rundown of labor market data:
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As I see it, policymakers have three primary objectives with regard to the labor market.
First, make sure those who have to go to work are given adequate compensation and a safe work environment, which means, at a minimum . . .
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First, make sure those who have to go to work are given adequate compensation and a safe work environment, which means, at a minimum . . .
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. . . at a minimum, policymakers must guarantee health and safety protections for workers so that they are able to protect themselves and members of their families from contracting COVID.
https://www.epi.org/blog/congress-must-include-worker-protections-in-the-next-coronavirus-relief-bill-we-need-an-essential-workers-bill-of-rights/
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https://www.epi.org/blog/congress-must-include-worker-protections-in-the-next-coronavirus-relief-bill-we-need-an-essential-workers-bill-of-rights/
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Second, make it possible for workers who are unable to find a safe job to stay home without becoming financially devastated by delivering sufficient earnings replacement through the unemployment insurance system.
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Third, policymakers should ensure the economy can fully recover when we get on the other side of the pandemic.
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Unfortunately, policymakers are failing on all three fronts: ensuring worker protections, making sure workers who can't work aren't financially devastated, and working to secure a quick and full recovery.
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Workers facing health risks on the job are not proportionately receiving extra compensation or safety protection. More needs to be done to ensure that those working can provide for the economic and physical well-being of themselves and their families.
https://www.epi.org/publication/covid-risks-and-hazard-pay/
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https://www.epi.org/publication/covid-risks-and-hazard-pay/
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In terms of delivering on workers' economic livelihood, policymakers seem prepared to let the $600 weekly supplement to regular unemployment insurance benefits expire on July 25 at a huge economic cost to workers, their families, and the recovery.
https://www.epi.org/blog/cutting-off-the-600-boost-to-unemployment-benefits-would-be-both-cruel-and-bad-economics-new-personal-income-data-show-just-how-steep-the-coming-fiscal-cliff-will-be/
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https://www.epi.org/blog/cutting-off-the-600-boost-to-unemployment-benefits-would-be-both-cruel-and-bad-economics-new-personal-income-data-show-just-how-steep-the-coming-fiscal-cliff-will-be/
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Further, too little is being done to provide aid to state and local governments, which will be key to a speedy and healthy recovery. And, many states are already talking about significant budget cuts this year, let alone next.
https://www.epi.org/blog/without-federal-aid-to-state-and-local-governments-5-3-million-workers-will-likely-lose-their-jobs-by-the-end-of-2021-see-estimated-job-losses-by-state/
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https://www.epi.org/blog/without-federal-aid-to-state-and-local-governments-5-3-million-workers-will-likely-lose-their-jobs-by-the-end-of-2021-see-estimated-job-losses-by-state/
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