Bullish Jobs Prediction: Bank Of America Says Employment Will Return To Pre-Pandemic Levels By Year’s End

Daily Life in New York City Around The One-year Anniversary of The COVID-19 Shut Down

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.

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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.

Further Reading

The U.S. Added 916,000 Jobs In March As Labor Market Comes Roaring Back (Forbes)

The Economy Doesn’t Need The Fed’s Easy Monetary Policy To Keep Booming, BofA Says (Forbes)

$1,400 Stimulus Checks Are Already Working As Credit, Debit Spending Surges 45%, BofA Says (Forbes)

Powell And Yellen Praise Aggressive Stimulus Spending, Acknowledge Incomplete Economic Recovery In Congressional Testimony (Forbes)

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.

Source: Bullish Jobs Prediction: Bank Of America Says Employment Will Return To Pre-Pandemic Levels By Year’s End.

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10.1 Million Americans Are Still Unemployed As Rate Ticks Down To 6.3%

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.

Further Reading

Senate Approves Budget Resolution Paving The Way For Biden’s $1.9 Trillion Stimulus Plan (Forbes)

Another 779,000 Americans Filed For Unemployment Last Week (Forbes) Follow me on Twitter. Send me a secure tip

Jonathan Ponciano

Jonathan Ponciano

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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Unemployment Insurance For Self Employed Individuals

In the midst of recent economic hardship, the federal government has bolstered the financial assistance offered to businesses and improved the benefits of unemployment insurance for self-employed individuals. If you’re self-employed and wondering what aid you qualify for, we’ll help guide you through the process and what you need to know.

What is unemployment insurance?

Unemployment insurance is a government program that provides financial assistance to those who are out of work through no fault of their own. When people say they’re “collecting unemployment,” they’re really referring to collecting unemployment insurance payments.

This program is funded by the federal and state governments, with the federal authorities setting the program’s general guidelines. However, state governments are in charge of administering the program. This allows states to decide additional eligibility requirements and to set their own restrictions on how much and for how long residents can receive their benefits.

In the midst of recent economic hardship, the federal government has bolstered the financial assistance offered to businesses and improved the benefits of unemployment insurance for self-employed individuals. If you’re self-employed and wondering what aid you qualify for, we’ll help guide you through the process and what you need to know.

What is unemployment insurance?

Unemployment insurance is a government program that provides financial assistance to those who are out of work through no fault of their own. When people say they’re “collecting unemployment,” they’re really referring to collecting unemployment insurance payments.

This program is funded by the federal and state governments, with the federal authorities setting the program’s general guidelines. However, state governments are in charge of administering the program. This allows states to decide additional eligibility requirements and to set their own restrictions on how much and for how long residents can receive their benefits.

In general, states review and average an employee’s earnings over the past several weeks and calculate each person’s benefit amount based on a percentage of that average (typically around 50%).

For example, if your state’s benefit rate is 47%, then your state might

  • average your weekly wage from the past 52 weeks and then
  • calculate a weekly benefit to you based on 47% of that average.

At this rate,

  • if your average wage for the past 52 weeks is $650 per week, then
  • you would receive $305.50 per week in unemployment insurance during each week that you remain eligible for the benefit.

Are unemployment insurance payments taxable?

Yes. You’ll report your income from unemployment insurance on your income tax return. That amount will be subject to federal income taxes and state income taxes for some states. When setting up your benefit checks with your state, you may choose to have taxes withheld from your payment.

How do you know if you qualify for unemployment insurance benefits?

There are three main eligibility requirements for unemployment insurance benefits.

The first is that you’re “unemployed through no fault of your own” as defined by the law in your state. This typically means that you didn’t quit your job but rather that you lost your job because of a lack of available work.

  • There are some exceptions to this.
  • Check with your state’s unemployment office on the specific details for your state.

The second main eligibility requirement is that you have earned a minimum amount of wages and worked for a minimum amount of time at your job. Whether or not you have maintained employment for consecutive quarters in the previous year also plays a part in this.

  • Each state sets these minimums.
  • All states look at your recent work history and earnings during the previous year. They typically call this your “base period.”

The third main eligibility requirement in most states is that you’re able and available to work and are actively seeking employment. In most places, this means you must engage in a good faith search for employment.

  • States often set a number of how many searches and employment contacts you must complete per week.
  • Additionally, if you’re offered suitable employment, you must accept it.
  • You’ll also need to continuously file weekly or biweekly claims to maintain your eligibility.

Are there changes to unemployment insurance benefits for self-employed individuals due to the pandemic?

Yes. The Coronavirus Aid, Relief and Economic Security (CARES) Act included Pandemic Unemployment Assistance (PUA) that allows for benefits to some workers who typically wouldn’t qualify for unemployment insurance. Self-employed workers may qualify under PUA, including

If you’re in this group, you can claim up to 39 weeks of benefits, and those benefits are available retroactively beginning with any weeks of unemployment on or after January 27, 2020.

  • As with typical unemployment insurance, how much you’ll receive varies by state.
  • Unless new legislation is passed, unemployment insurance for self-employed individuals will expire on December 31, 2020.

Additionally, under the CARES Act, the Pandemic Emergency Unemployment Compensation (PUEC) program allows states to extend unemployment benefits for up to 13 weeks. This legislation also provides flexibility to states in determining what is considered “actively seeking work.” You don’t have to meet the same requirements to qualify if you’re unable to search for work because of:

  • Quarantining,
  • restrictions or
  • illness due to the pandemic.

These benefits will also expire on December 31, 2020.

Can you qualify for unemployment benefits if you’ve been furloughed?

During normal times, furloughed workers often don’t qualify for unemployment insurance. However, if you were furloughed because of the coronavirus, you likely qualify for unemployment benefits through the CARES Act.

How do you apply for unemployment benefits?

Unemployment benefits are requested through the same state agencies as before the pandemic. In most states, the application is simple and can be completed online, over the phone or in person.

Unemployment benefits can be a great help to those currently out of work. If you’re self-employed and needing assistance, there’s no harm in applying for this government-funded relief.

TurboTax is here to help you navigate the different COVID-19 relief programs that you might be eligible for. Get up to date information, tax advice and tools to help you understand what coronavirus relief means to you empowering you to get more money in your pocket in this time of need at our Self-Employed and Small Business Coronavirus Relief Center.

For more tax tips in 5 minutes or less, subscribe to the Turbo Tips podcast on Apple Podcasts, Spotify and iHeartRadio

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How to Build the Right Mindset to Change Careers and Learn New Skills Fast

There’s a reskilling revolution happening. The COVID-19 pandemic of 2020 has spurred the evolution of how business is done. Whether positioning a new brand or as an authority in the marketplace it’s critical to realize there is a new awareness of the skillsets required by both staff and clients.

Businesses large and small are rethinking the requirements of employees as well as the technology necessary to deliver products and services to clients. This awareness is driving entrepreneurs in the technology and training industries to position themselves to win by offering courses specific to those skills.

Related: 4 Ways ‘Fake It Till You Make It’ Can Backfire

Businesses aren’t the only ones rethinking their futures. Given the significant disruption in the workforce and high unemployment rate related to COVID-19, individuals in the workforce are considering career changes as part of their post-pandemic plans. According to the Strada Education Network, of those individuals who have an interest in pursuing additional professional development and training, 64% say they will be looking to change careers, rather than get another job in the same field. This is a process known as “reskilling.” In fact, a recent report on CNBC.com estimates that approximately 17.6 million Americans will not be able to return to their pre-pandemic jobs, which will require them to learn new skills.

If you are a thought leader looking to support your clients through this upheaval, you are most likely considering how your expertise (content) can lend itself to the mass desire for reskilling. An effective way to do that is to ensure you position your expertise as learning programs that are developed through the lens of Edge Learning. Edge Learning is the continuous process of developing the peripheral skills that have the most impact on a person’s ability to achieve a successful and fulfilled life. Edge Learning is not about memorizing facts, technical skills, or understanding how to effectively use the tools of business. Instead, it seeks to develop a person’s soft skills

Let’s use workers in the field of accounting as an example. Every well-run business needs qualified employees in their accounting department. These are people who have successfully taken courses of instruction in accounting practices. This is a very specific and important skillset. When multiple candidates are considered for hire with similar training and experience, it is their peripheral or edge skills that differentiate them.

Those peripheral skills include the candidate’s level of confidence, their personality, the type and level of etiquette they demonstrate during the interview process and their communication skills—among others. In essence, what differentiates them is how they present themselves. Beyond the question of whether the candidates have the necessary education for the role is how well they work and if they will be a good fit with the rest of the team. The same hiring considerations apply for every role from those on the manufacturing line all the way up to the CEO. It’s their Edge skills that make the difference. And educators who can deliver skilled training in those areas, in an effective manner, are in high demand. Edge Learning is an essential component of the Reskilling Revolution!

Related: 11 Practical Tips for Successful Schooling at Home

Edge Learners know that confidence will make all the difference in the type and quality of work that comes their way. The world is craving confidence after all the recent uncertainty. That same Strada Education Network study referenced above reports 64% of Americans are feeling concerned, 50% are feeling cautious, and 51% are worried. Confidence has always been key to success, but it’s more important than ever in a post-COVID-19 landscape.

Changing careers

This is not surprising given the current state of the employment market. Though the unemployment rate has since dropped slightly, the employment landscape has permanently and undeniably shifted since April, when a staggering 22 million Americans found themselves unemployed. Given the significant disruption in the workforce, it is not surprising to find that many are thinking about how a career change fits into their post-pandemic plans.

Edge skills that are readily transferable are most desirable by workers considering a change of careers. In volatile markets, it is feasible that workers can expect to work through multiple opportunities before landing positions that best suit them. On the employer side, it has become painfully obvious that HR departments are expected to hire for multiple iterations of teams over the years. It is rare that workers and employers form long-term partnerships in today’s ever-evolving business landscape.https://tpc.googlesyndication.com/safeframe/1-0-37/html/container.html

Training content developers need to be aware of not only the latest formats for delivering training but the multitude of avenues for distribution. With the increased development of technological resources, various users of content have their own specifications or requirements for delivery styles and formats. On top of that is the importance of keeping content relevant by analyzing it against the current marketplace needs and having a system for updating it.

It is important to carefully evaluate your thought leadership and the creation of your professional development programs to ensure they meet the needs of the current climate. Edge Learners know that the quality of expertise they receive will make a difference in how quickly they are able to create new opportunities. Learning experiences must be engaging and providing amazing outcomes. They must be delivered in multiple formats to meet the various learning styles of those who will take the courses.

Content created for Edge Learners must meet specific criteria to gain traction and succeed in the coming years. Those deeply involved in the reskilling revolution are bound to be cautious in their evaluations of various training programs. They want solid results as quickly as possible and will denounce any content or training programs that simply don’t deliver.

There are four red flags to avoid when attracting Edge Learners:

  1. The course does not promise a specific result. Instead, it makes vague promises about what the course might do for learners. Be very specific in the goal for each course and design it accordingly. Explore your industry vertical to see if your course qualifies for continuing education credits or some other industry-specific certification.
  2. The course is too broad. Content developers fall into the trap of trying to be everything to everyone. The result is that the course offers very little, to very few. Consider where consultation fits into your course development process. How much research has been done into the specific needs of your ideal clients? Were you already committed to a topic without first listening to what people wanted and said they need? If you already have an audience, that audience knows, likes and trusts you for a reason. Allow them to guide your course development to ensure it meets the specific needs of future prospective learners through surveys and focus groups. When you ask the right questions, your clients will tell you exactly what they want to own.
  3. The course is not implementable. If the course doesn’t provide tactics, strategies or a process for learners to apply, then there is no opportunity for them to put into practice the skills they’ve acquired—and generate tangible results.
  4. The course does not offer follow-up by the thought leader. Thought leaders need to be accountable for the content they create. Think about the overall plumbing of your thought leadership business. How are you best optimizing your connection to your audience and leveraging the technology at your disposal to make connecting with that audience easier? Your course is not a stand-alone – your website, your sales page, your newsletter, your social media, your learning site platforms, all need to work collectively to provide your clients with a holistic product they can trust. 

Jonathan Robb, Associate Vice President of Customer Experience & Engagement at NorQuest College is responsible to evaluate content specific to post-secondary institutions. He indicated that his considerations include not only the above red flags but that the skillsets being offered are in high demand both currently and into the future by industry and businesses. 

Related: Your Next Career Move Should Be Learning a Language with This ‘Apple App of the Year’

The reskilling revolution is at hand. The enhancement of soft skills is what occurs through real-world experiences and mentoring from leading experts and entrepreneurs. When new skill development is required, learners first turn to those who have been where they want to go. They value the experience and expertise of others.

The time to evaluate your content and training programs as to their delivery of Edge Learning skills in demand on both sides of the equation of business: business owners desirous of enhancing the skills of employees and workers wanting or needing to differentiate themselves in the marketplace. Use these strategies to imbue your thought leadership programs with Edge Learning skills and strengthen your impact on this everchanging market.

By: Lisa Patrick Entrepreneur Leadership Network Writer

CAPRICORN | The Gold Zodiac Necklace

CAPRICORN | The Gold Zodiac Necklace

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CAPRICORN, The Gold Zodiac Necklace features a textured medallion, individually hand carved and set with emerald connecting Capricorn with its ruling element, EARTH. 

ELEMENT – EARTH | Capricorn is a cardinal Earth sign. The Earth Element is pragmatic, resourceful and patient. Your cardinal quality makes you a born leader. A high-achiever, encouraging, loyal and a great listener, your mission is to master everything you set your mind to and make the world a better place.EMERALD | The stone of inspiration, wisdom and patience. Emerald keeps friendships and relationships in balance. It opens the heart chakra to love, compassion, forgiveness and trust. It develops courage and attracts prosperity

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