Over 30 Million Americans Are Jobless

In less than two months, we have gone from an unemployment rate of 3.5%, a 50-year low to probably over 20%, the worst level since the Great Depression. Today’s Unemployment Insurance filings were 3.2 million, higher than economists’ consensus expectations. The number of jobs created since the Great Recession that ended in 2009 have been wiped out.

In the seven weeks, since states instituted stay-at-home requirements due to the COVID-19 pandemic over 33 million Americans have filed for unemployment benefits. As I have written in the last few weeks, those numbers understate the severity of the crisis, because there are still millions of Americans who have not been able to file for unemployment benefits, due to overwhelmed resources at departments of labor around the country.

I expect unemployment to continue rising in the energy sector where the default rate is significantly above the average for all companies in America. As I wrote in mid-April, high yield energy bonds are now at a record $217 billion of outstanding volume. This sector was already being adversely affected even before the 2019 crisis. According to Eric Rosenthal Senior Director – Leveraged Finance at Fitch Ratings, the “energy default rate stands at 9.9% following Whiting Petroleum Corp. WLL ’s bankruptcy.

Fitch projects the 2020 sector default rate to reach 17% by year end, closing in on the record 19.7% mark set in January 2017.” He went on to state that “Several names on our Top Bonds of Concern could be imminent defaults including Ultra Resources Corp., Vine Oil and Gas LP and Jonah Energy Inc. along with Chesapeake Energy Corp. CHK , California Resources Corp., Denbury Resources Inc. DNR , Unit Corp., Bruin E&P Partners LP and Chaparral Energy Inc.” These default rates are much higher than for the average default rate for all junk bonds. And until industry and travel start up again, it is hard to envision when the energy sector will recover. Energy companies are the majority of new companies added to Fitch’s April list of bonds of concern.

After energy, the next sectors that are the most vulnerable to a rise in default and hence laying off workers are retail and leisure and entertainment.

More unemployment will be coming not only from the private sector, but also from municipalities as their financial stress increases. In a report released this week by Moody’s Investors Service, ‘Outlook changes to negative as coronavirus intensifies severity and length of recession’ analyst Natalie Claes, wrote that Moody’s “outlook for US local governments is changing to negative from stable as our expectation of the duration and intensity of the coronavirus impact on the economic downturn grows in severity. The slow recovery will impair revenue and pressure operating reserves.

The sector will face challenges for the remainder of 2020 and continuing into 2021 as the economy recovers, because trends in local governments’ primary revenue source, property taxes, lag changes in economic activity.” Additionally, she pointed out that “Sales and income tax revenue, a significant source of revenue for some local governments, is already declining sharply given a rise in unemployment, reduced consumer spending, and income tax filing extensions. Property tax revenue will not take as great a hit until 2021 because assessments are set before the collection year, but a rise in delinquencies will start to weigh on revenue this year.” Unfortunately, this means that the next tsunami of unemployment will be amongst municipal employees such as police, firefighters, and teachers.

Even if we are lucky enough to start an economic recovery this year, it is very unlikely that all workers will be able to regain their jobs. Many employers are likely to be very cautious about ramping up their businesses, especially if there is uncertainty about COVID-19 returning again later in the year. Unfortunately, we have many more weeks of millions continue to file for unemployment benefits.

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I have been dedicated to providing clients high quality financial consulting, research, and training services on Basel III, risk management, risk-based supervision, capital markets, financial derivatives and Dodd-Frank for over 25 years. I have extensive global expertise and have led projects in the financial and energy sectors in over 30 countries in English, Russian, and Spanish

Source: Over 30 Million Americans Are Jobless

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6 Bad Habits That Are Ruining Your Credibility And Your Career

Every detail does matter.When you have big dreams, and a grand vision for your career, it’s the little actions, and the small details you prioritize that will set you apart. Sure, you can work on adding habits and incorporating new skill sets into your daily life. Nonetheless, it’s key to stop and ask yourself: what do you need to eliminate or change today?

It is easier to add a new habit than it is to break an old one because habits are comfortable and we are hardwired to want that safety. What if that one conversational habit you had was blocking you from the success you want to create in your networking efforts, or  what if the nervous tick to repeat “umm’” over and over was what didn’t get you that big break?

The first step is recognizing that you have a habit that needs to be broken in the first place. Here are six of the most common habits I have seen ruin someone’s credibility without them even realizing it.

1. Constantly apologizing.

When you use “sorry” in every conversation, people are not only going to be confused, but it leaves the impression you don’t value your own thoughts, ideas, and actions. If you are constantly apologizing for everything, you are planting one seed inside of your coworker’s minds: that you don’t do things right.

I like to tell coaching clients to replace “I’m sorry” with “thank you”:

  • “I’m sorry I’m late” becomes: “Thank you for waiting for me.”
  • “I’m sorry to ask you for a favor” becomes: “Thank you for helping me out.”
  • “I’m sorry I made a mistake” becomes: “Thank you for pointing out my mistake.”

2. Using “uptalk” in your dialog.

Uptalk is a speech pattern that completes each sentence with an ascending inflection in sound, like that of a question. This happens in the typical “valley girl” accent we all know and love from the movie Clueless. Often this inflection sound leads those you talk to, to wonder if you are asking a question or providing an answer. It creates doubt in you from your listener, and triggers questioning as to whether what you’re saying is true or not. It’s not what you say, it’s how you say it, and when you speak with uncertainty, you convey just that. The pitch of your voice does matter, and a Science study proves it. There is a group of neurons that actually track changes in someone’s tone of voice- and our brains give meaning to sounds.

In order to instill confidence and trust in your communication, you want your statements to sound like declarations, not questions. If you are uncertain of whether you do this, record yourself talking and listen to hear whether your sentences are floating suggestions or sound like you are stating a fact.

3. Having poor manners.

Using good manners is so simple, yet so underrated. I have seen some of the most powerful people in a room completely disregard standard manners by picking their nose, forgetting to say thank you when someone opens the door, interrupting people when they talk or shoving someone when they’re walking by—and unknowingly pay a price for it. We have all been in a room with that person who doesn’t thank the wait staff or causes a scene because something simple wasn’t granted to them. In the moment, they get what they want, but in the long haul, it’s off-putting. No matter how established someone may be, let’s be honest:this sort of action casts a negative shadow over them that isn’t easily forgotten. Be the person who says “please” and “thank you” with your coworkers, managers, sales team, and vendors.

4.  Being a conversational vampire, or narcissist. 

A conversation narcissist politely shifts the focus of the conversation from someone else to themselves. This could look like:

Coworker: “I just recently gave a presentation to the management team and I forgot to pass out the handouts that I printed.  I feel like such an idiot for forgetting.”

You: “Oh that’s nothing, one time I was talking to the entire upper-level executive team and I only made a few copies, I didn’t know everyone was going to come.  Luckily they all loved the presentation…”

This style of communication diminishes the other person and immediately dismisses their question, request for guidance or story altogether. By shifting the focus to you, and using their share as a start to talk about yourself, you may be minimizing their needs or concerns, and discrediting what they are sharing. This leaves those around you feeling pretty dismissed and misunderstood, and you can bet that over time, they’ll realize they cannot come to you for connection or guidance in the future.

One way to avoid being this archetype is by practicing validation with people. That means, whether you agree with what they’re saying or not, showing that you appreciate or respect their point of view however you can. Often that will sound like, “I can see where you’re coming from with that,” or “I’m sorry you’re feeling [insert their feeling here.” Once you validate someone, considering asking them for more information on their story, so that you can stay in curiosity and heart-centered listening, without making it about you. This is the work of strong leaders.

5. Participating in workplace gossip.

Gossip causes people to view one another differently. Whether you are speaking the truth or not, gossip creates friction between coworkers and leads to a toxic workplace culture. You may think being the “in-the-know” person in the workplace is going to get you ahead, but the truth is that gossip causes cynical behavior among employees and harms your value at work creating decreased trust. In fact, the person talking smack always looks worse than the person they’re speaking about.

Instead of engaging in the gossip, work on removing it. Be the example, and change the topic when gossip enters the room. If they circle back around to gossiping, you can nod your head through kind listening, and validate them with “I’m sorry you feel that way,” and change the subject. If they keep coming to you with gossip, consider setting a boundary that it doesn’t feel right for you to speak about colleagues in this way. Chances are that your colleague won’t like being the recipient of this conversation, but their discomfort with your boundary is truly not your responsibility, so long as you deliver it as kindly as possible.

6. Dressing inappropriately.

If you want to appear credible, you must not only fit the part on paper, but in how you dress. Back when I worked in counterterrorism in my early 20s, I’ll never forget a roommate I had who’d leave the house looking like she was going to a nightclub, except she wasn’t… she was off to work in the U.S. Senate! She was stuck without growth in the same role for years, and looking back, her clothing choices are a realistic reason as to why her career was stagnant. If you want to get ahead, what you wear matters more than you think. People perceive you differently based on what you wear, and studies have also have found that wearing formal attire makes your abstract thinking capabilities increase, making you more adept in your role.

There are a handful of fashion do’s and don’t I share when it comes to workplace attire, but a great rule of thumb is to dress for the job you want, not the one you have. And if you have to ask yourself if an outfit or accessory is appropriate for work, it likely isn’t. Keep the club-inspired trendy attire for the weekends and be the credible professional you want to be viewed as.

Don’t let these habits wreak havoc on your career credibility. Take responsibility for your actions, thoughts, and words. At the end of the day, you’re the one that makes yourself credible.

Follow me on Twitter or LinkedIn. Check out my website.

I’m a career coach, keynote speaker, podcast host (You Turn Podcast) and author, here to help you step into a career you’re excited about and aligned with. This may look like coaching you 1:1, hosting you in one of my courses, or meeting you at one of workshops or keynote speaking engagements! I also own CAKE Publishing, a house of ghostwriters, copywriters, publicists and SEO whizzes that help companies and influencers expand their voice online. Before being an entrepreneur, I was an award-winning counterterrorism professional who helped the Pentagon in Washington, DC with preparing civilians to prepare for the frontlines of the war on terror.

Source: 6 Bad Habits That Are Ruining Your Credibility And Your Career

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Ten Bad Habits That Are Killing Your Credibility – Liz Ryan

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The way to break any bad habit is to starting by paying attention to the times when your bad habit shows up. Try to notice every time you fall into the rut and repeat your bad habit. Ask your friends at work to pay attention and remind you when you’re apologizing for nothing.

As you become aware of the times and places where your bad habit typically emerges, prepare for those situations in advance. Prepare for someone to ask you, “Do you think you’ll have that report ready by Friday?” Practice a response that doesn’t involve an apology, like this one: “Friday sounds perfect — you’ll have the report then.”

Apologizing constantly is not the only bad habit that many people bring to work. Here are nine other habits that can kill your professional credibility:

1. Interrupting people, or not listening to them while they speak but bursting in at the first opportunity after they’ve spoken, in order to share your opinion. If you have this bad habit, practice consciously listening to your conversational partner and then asking them, “Would you like to say more about that?” before sharing your own thoughts.

2. Failing to use “Please” and “Thank you” in your interactions with your teammates, your manager, customers and vendors and everyone else you interact with at work.

3. Leaving details to the last minute so that you have to run around averting a crisis instead of planning ahead.

4. Being a suck-up to the boss, spying on your coworkers and reporting back to your manager or sharing one set of opinions with your teammates and a completely different set with your boss.

5. Using “uptalk” — speech that ends every sentence with an ascending inflection, like a question. Here’s what uptalk sounds like:

You: So, I have to finish this report by Friday? I have to get it to the VP so he can put the pricing plan together? That’s why I asked you to meet with me, so we can go over it before I present it to the VP? If we can just go through it quickly that will be great? I really appreciate your time?

6. Making a point of staying later at the office than everyone else and arriving earlier in the morning than anyone else does. Effective employees get their work done during the work day. You will never become more credible by working longer hours to show the boss how dedicated you are.

Acknowledge yourself whenever you make it through a day without repeating your bad habit, and give yourself a break when you slip back into the habit. It takes time to train yourself out of a bad habit and into a new, better one.

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Be sure and let Brenda know that you’re taking her feedback to heart and that you appreciate it. Tell her that you’re working on the over-apologizing thing and you are grateful for her support.

7. Forgetting to write down details and note appointments and commitments in your calendar.

8. Taking credit for your coworkers’ ideas and accomplishments.

9. Gossiping.

10. Conducting loud, personal phone conversations in earshot of your teammates. Nobody wants to hear you arguing with your sweetheart or booking your spa treatments. Save those calls for a time when you’re outside the building, or use text instead of voice.

We don’t always know when we are irritating the people around us. Brenda did you a favor when she pointed out how your over-apologizing habit may be holding you back.

Now you have a project to dive into. Take Brenda’s coaching seriously and begin to notice when you’re tempted to apologize although there is nothing to apologize for — and you will overcome this small hurdle in no time!

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