Tag: Unemployment

Tech’s Talent Wars Have Come Back to Bite It

When Stripe, a payments start-up valued at $74 billion, laid off more than 1,000 employees this month, its co-founders blamed themselves. “We overhired for the world we’re in,” they wrote. “We were much too optimistic.” After Elon Musk, Twitter’s new owner, slashed the company’s staffing in half last week, Jack Dorsey, a founder and former […]

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The Lingering Tragedy of Japan’s Lost Generation

The response by the Liberal Democratic Party, which has dominated postwar Japan, is blamed for worsening things with policies focused on sustaining corporate profits. In the process, the full-time work force was trimmed, and short-term jobs with reduced or no benefits have increased. A period of job market paralysis known as the employment ice age […]

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U.S. Added 261,000 Jobs in Strong Showing

Job growth in October was broad-based, with businesses across the economy hiring at a rapid clip. The health care sector added 53,000 workers. Even manufacturing, which has been bracing for a downturn, added 32,000 jobs, though other indicators suggest that rate may not continue for much longer, as consumer spending continues to shift away from […]

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Biden bashes GOP economic message after unemployment ticks up

President Biden went after Republicans’ economic message and vowed to keep working to bring down inflation following a jobs report Friday that showed robust hiring in October but a slightly higher unemployment rate. “Let me be clear. We’re going to do what it takes to bring inflation down. But as long as I’m president, I’m not […]

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Yes, Americans Are Really Down on the Economy. But Why?

This article is part of the Debatable newsletter. You can sign up here to receive it on Wednesdays. If you are an avid consumer of political news, you have probably read about what appears to be an 11th-hour shift in the national mood ahead of the midterm elections: Multiple polls, including one from The Times, […]

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Labor Hoarding Could be Good News for the Economy

PROVO, Utah — Chad Pritchard and his colleagues are trying everything to staff their pizza shop and bistro, and as they do, they have turned to a new tactic: They avoid firing employees at all costs. Infractions that previously would have led to a quick dismissal no longer do at the chef’s two places, Fat […]

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U.S. Job Growth Eases, but Is Too Strong to Suit Investors

A less frenzied job market has been welcome relief for employers after months of intense competition for labor drove wages up precipitously and left many businesses grumbling that they could not fill open positions. Vision Hospitality Group, a hotel ownership and management company based in Chattanooga, Tenn., has struggled to hire workers despite raising wages […]

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The Job Market Has Been Like Musical Chairs. Will the Music Stop?

“Everybody’s feeling the whiplash,” said Suzanne Bates, partner and managing director of the corporate strategy firm BTS. “It’s this strange reversal of fortunes where everybody has been incredibly busy — and they still have needs, clients and customers — but at the same time there’s a lot of whispering in the hallways about hiring freezes.” […]

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Why the Fed is pushing unemployment higher

Federal Reserve Chairman Jerome Powell said Wednesday it will be almost impossible for the central bank to beat inflation without hundreds of thousands of Americans losing their jobs.  Fed officials expect the unemployment rate to rise to 4.4 percent next year, up from 3.7 percent in August, as they jack up borrowing costs and slow […]

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Who’s Afraid of the Consumer Price Index?

Three important reports on inflation were released this week. On Monday the Federal Reserve Bank of New York released its latest survey on inflation expectations, which was very encouraging. On Wednesday the Bureau of Labor Statistics released its latest report on producer prices, which was fairly reassuring. But the report in between — Tuesday’s bad […]

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In New York City, Pandemic Job Losses Linger

The darkest days of the pandemic are far behind New York City. Masks are coming off, Times Square is packed with tourists and Midtown Manhattan lunch spots have growing lines of workers in business suits. Walking around the city, it often feels like 2019 again. But the bustling surface obscures a lingering wound from the […]

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U.S. Job Growth Slowed in August

“Unfortunately, as the demand and sales volumes pulled back, we had to account for that,” said Seth Barnes, who owns the company with his wife, Samantha. “We’re a little more comfortable saying, let’s be conservative, let’s hope for a good holiday, but let’s not overextend ourselves, whereas the past two years we were more like, […]

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What Will Happen to Black Workers’ Gains if There’s a Recession?

Black Americans have been hired much more rapidly in the wake of the pandemic shutdowns than after previous recessions. But as the Federal Reserve tries to soften the labor market in a bid to tame inflation, economists worry that Black workers will bear the brunt of a slowdown — and that without federal aid to […]

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Low Unemployment Is Good. Bank of America Disagrees.

As Klippenstein and Schwarz note, the memo “tells us what we suspected all along: The most powerful economic actors in the U.S.—entities like Bank of America and its clients—do not like working people to have power.” But this should probably come as no surprise: Intermittent presidential advisor and capital-class amanuensis Larry Summers has, in similar […]

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With Surge in July, U.S. Recovers the Jobs Lost in the Pandemic

U.S. job growth accelerated in July across nearly all industries, restoring nationwide employment to its prepandemic level, despite widespread expectations of a slowdown as the Federal Reserve raises interest rates to fight inflation. Employers added 528,000 jobs on a seasonally adjusted basis, the Labor Department said on Friday, more than doubling what forecasters had projected. […]

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How Goes the War on Inflation?

The U.S. economy is not currently in a recession. No, two quarters of negative growth aren’t, whatever you may have heard, the “official” or “technical” definition of a recession; that determination is made by a committee that has always relied on several indicators, especially job growth. And as Jerome Powell, the chair of the Federal […]

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These Republican Governors Are Delivering Results, and Many Voters Like Them for It

Republican flamethrowers and culture warriors like Donald Trump and Representatives Matt Gaetz and Marjorie Taylor Greene typically draw an outsize amount of media attention. Americans may conclude from this that there is a striking, and perhaps unfortunate, relationship between extremism and political success. But Republicans aren’t hoping for a red wave in the midterms only […]

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The Economy Is Doing Amazingly Well for One That’s Possibly in a Recession

How is the U.S. economy doing otherwise? It’s taken some knocks in recent months, but when you consider it may be in a recession, it’s still doing remarkably well. Unemployment is a low 3.6 percent, a whisker above its 3.5 percent level before the Covid pandemic. “Under the Trump administration, we had the greatest economy […]

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How a Flight Attendant Became a Funeral Planner in the Covid Era

HONG KONG — Before she became a funeral planner, Connie Wong was a flight attendant for a Hong Kong airline. The sudden end of a career she had cherished for six years brought its own kind of grief, she said. It was one of many such losses experienced by residents of the Chinese territory. Hong […]

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Inflation Is Bad, But Unemployment Is Far Worse

Contrast that with the clear damage wrought by high unemployment. It’s the difference between a paycheck that can’t be stretched as far and a paycheck that stops coming. True, inflation affects every shopper, while unemployment directly affects only the people who lose work. But high unemployment also hurts fresh graduates who can’t get their first […]

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