Following blockbuster data showing the U.S. added 917,000 jobs in March, analysts from Bank of America said they expect jobs to return to pre-pandemic levels by the end of the year if that pace of improvement continues.
It’s a much more aggressive prediction than other experts, including the Federal Reserve and Treasury Department, have taken so far this year.
Federal Reserve chair Jerome Powell has said that while he’s optimistic that hiring will pick up in the coming months, it’s “not at all likely” the U.S. will reach maximum employment this year.
In a hearing before Congress last month, Treasury Secretary Janet Yellen said she believes the economy may return to full employment next year.
Bank of America’s analysts said they expect “considerably more job creation” in the leisure and hospitality sectors—two areas hit hardest by the pandemic—in the months ahead as the U.S. economy reopens.
The growth Bank of America is predicting also comes with a risk, the analysts said: jobs could continue to accelerate beyond pre-pandemic levels right as trillions of dollars in stimulus spending kick in and the economy reopens in earnest.
Employment Lawyer Alex Lucifero answers questions about Employee Rights When Businesses Reopen during the COVID-19 Pandemic in Canada. Can my employer discipline or fire me if I don’t feel safe returning to work when the business reopens? Can my employer recall me from work and put me in a different job, or give me different responsibilities? Can my employer recall younger employees before older employees, in an effort to protect the latter from COVID-19? Lucifero, an Ottawa employment lawyer and partner at Samfiru Tumarkin LLP, joined Annette Goerner on CTV Ottawa Morning Live, where he answered those questions and more.
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All those factors could lead to dangerous overheating and inflation, which could destabilize an already fragile economic recovery and rattle investors.
Crucial Quote
“We saw the economy gain traction in March as the American Rescue Plan moved and got passed, bringing new hope to our country,” President Biden said during prepared remarks on Friday. Biden’s flagship pandemic relief bill authorized another $1.9 trillion in federal stimulus spending.
Big Number
9.7 million. That’s how many people are now unemployed across the country, according to the Labor Department, down from 22 million at the onset of the crisis last spring.
Key Background
Biden unveiled his next legislative effort, the $2+ trillion American Jobs Plan, earlier this week. That plan is designed to revitalize American infrastructure and manufacturing and jumpstart the transition to clean energy and industry. The Georgetown University’s Center on Education and the Workforce estimated that the plan would create or save 15 million jobs over a decade and that three-quarters of the infrastructure jobs it creates would be for workers with no more than a high school diploma.
I’m a breaking news reporter for Forbes focusing on economic policy and capital markets. I completed my master’s degree in business and economic reporting at New York University. Before becoming a journalist, I worked as a paralegal specializing in corporate compliance.
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The United States added just 49,000 jobs in January, according to data released by the Labor Department Friday—less than half the 100,000 added jobs economists were expecting as the pandemic continues to force layoffs in industries such as retail and hospitality despite gains in white-collar jobs.
The unemployment rate ticked down to 6.3% in January, from 6.7% in December; the metric hit a record high of 14.7% in April.
There are now 10.1 million unemployed people in the United States, compared to 10.7 million in December, the government said; job gains in professional and business services and education helped offset losses in industries including retail, healthcare, transportation, warehousing and hospitality.
Despite the decrease in unemployment, the number of permanent job losers increased to about 3.5 million in January, from 3.3 million in December—about three times prepandemic levels.
Another grim sign of a still-reeling job market, 400,000 Americans left the labor force last month, pushing the labor force participation rate slightly down to about 61.4%.
Of the 7 million people in America who want a job but are not actively seeking employment, about 4.7 million were prevented from looking for work due to the pandemic, the Labor Department said.
January’s report continues to show stark differences in unemployment by race, with minority groups such as Black Americans and Hispanics facing above-average unemployment rates of 9.2% and 8.6%, respectively.
Crucial Quote
“After contracting in December, the labor market returned to growth in January, as some economic lockdowns eased, which allowed more businesses to stay open,” James McDonald, the CEO of Los Angeles-based Hercules Investments said Friday. “While it’s encouraging to see the economy added jobs in January, we are still far away from pre-Covid-19 employment levels.” Overall, there are still 10 million less jobs than there were before the pandemic.
Big Number
17.8 million. That’s how many people were still receiving some form of government unemployment benefit last week—shockingly high compared to the 2.1 million total claims filed in the comparable week in 2020, according to weekly data released Thursday. That’s higher than the number of unemployed Americans, due to a startling number of people who’ve dropped out of the labor force because they’re no longer looking for work.
Key Background
The Congressional Budget Office said Monday that it does not expect employment will reach prepandemic levels until 2024–echoing similar estimates from economists predicting that the labor market recovery will severely lag the broader economic recovery in the years to come. Dallas Federal Reserve President Robert S. Kaplan said Thursday that the next two to three months will remain challenging for the economy even though widespread vaccination efforts should help curb some of the downside economic risks of increased Covid-19 infections.
Tangent
After an all-night session, the Senate narrowly approved a budget resolution Friday morning that will allow Democrats to move forward on President Joe Biden’s lofty $1.9 trillion stimulus proposal without any Republican backing. It’s likely the package will need to be trimmed down to satisfy some of the more conservative Democrats, but experts, including Vital Knowledge Media Founder Adam Crisafulli, still estimate the resulting bill could total as much as $1.7 trillion and hit President Biden’s desk before the current enhanced federal unemployment benefits expire on March 14. Biden’s plan extends the enhanced benefits of $400 per week through September.
I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com.
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NBC News 5.13M subscribers NBC News’ Steve Patterson shares the stories of Kanisha Mayweather, Stacy Davis and Victor Patterson — three of the millions of unemployed Americans who have faced the pandemic with faith and perseverance since March.» Subscribe to NBC News: http://nbcnews.to/SubscribeToNBC » Watch more NBC video: http://bit.ly/MoreNBCNews NBC News is a leading source of global news and information. Here you will find clips from NBC Nightly News, Meet The Press, and original digital videos. Subscribe to our channel for news stories, technology, politics, health, entertainment, science, business, and exclusive NBC investigations. Connect with NBC News Online! Visit NBCNews.Com: http://nbcnews.to/ReadNBC Find NBC News on Facebook: http://nbcnews.to/LikeNBC Follow NBC News on Twitter: http://nbcnews.to/FollowNBC Follow NBC News on Instagram: http://nbcnews.to/InstaNBC Unemployed Americans Still Struggling During pandemic: ‘I Do A Lot Of Praying’ | NBC Nightly News
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Bitcoin interest has surged in the wake of the coronavirus pandemic and the unprecedented measures undertaken by governments to contain it while propping up the global economy. The bitcoin price has bounced back to almost $10,000 per bitcoin after crashing to under $4,000 during the broad March coronavirus sell-off. Now, new research has revealed the extent public opinion has shifted toward bitcoin since 2017—with almost half of millennials “likely” to buy bitcoin within the next five years.
“With over 20 million Americans currently unemployed, the public narrative towards bitcoin has changed,” researchers at financial information platform The Tokenist wrote, summarizing their findings. “The results are striking. We found increased knowledge of, and growing confidence in, bitcoin among all age and gender groups surveyed. This effect was most pronounced in millennial respondents, 45% of whom would now preferentially invest in bitcoin over stocks, real estate and gold.”
As the coronavirus Covid-19 swept across the U.S., the unemployment rate soared to almost 15% in April, the highest level on record, with millenials among the hardest hit. In February, the unemployment rate was at a half-century low of 3.5%. The survey, which gauged how market fluctuations caused by Covid-19 has affected people’s view of bitcoin, revealed 47% of people trust bitcoin over big banks, an increase of 29 percentage points over the past three years.
Meanwhile, 43% of respondents, and 59% of millennials, thought that most people will be using bitcoin within the next decade and 44% of millennials report that they are likely to buy bitcoin in the next five years. “These data indicate that bitcoin has a bright future, and will likely benefit significantly from the current market crisis,” the researchers wrote. “With confidence in traditional investment instruments decreasing, bitcoin stands poised to offer investors an alternative, long-term store of value.”
The research chimes with reports from the bitcoin and cryptocurrency community that coronavirus and its ramifications has boosted interest in bitcoin. “The surging activity we’ve seen since the beginning of 2020 has been in part inspired by the Federal Reserve’s unprecedented monetary intervention,” Alex Leishman, the founder of River Financial, a San Francisco-based startup bitcoin brokerage and financial services firm that has seen its client base double every month this year, said last week.
Growing interest in bitcoin from “seasoned macro investors” like Paul Tudor Jones, Dan Tapiero and Raoul Pal is legitimizing bitcoin “within the mainstream finance community,” according to Leishman. “The evolution of finance is only happening faster in the wake of the current global economic crisis, which has illuminated holes within traditional financial systems that can potentially be filled by bitcoin,” said Olaf Carlson-Wee, founder of hedge fund Polychain Capital, who recently led a River funding round.
The Tokenist surveyed around 5,000 people through April 2020, comparing the findings to surveys carried out by brokerage eToro, investor Blockchain Capital, and personal finance website BankRate in 2017.
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported
More than two million Americans requested unemployment compensation for the first time last week, which may or may not affect Bitcoin. Recording its seventh consecutive week of decline, last week hosted 2.44 million new unemployment claims, CNBC said in a May 21 brief . These numbers, however, fall within range of economist expectations. Within the timeframe surrounding coronavirus, Americans have posted 38.6 million jobless claims to date, CNBC said. Morgan Creek Digital co-founder and partner expressed a push of sentiment favoring a national reopening after weeks of business closures and shelter-in-place orders, which have increased job loss numbers.”We have to get the economy open and put people back to work safely,” Pompliano said in May 21 Tweet citing recent unemployment numbers. Do the recent job loss numbers affect Bitcoin
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