Commentary “Help wanted” and “Now hiring” signs are everywhere. Flights, construction projects, and healthcare services are delayed—or unavailable—due to labor shortages. Hourly and monthly wages spiral. There is a growing disequilibrium between the number of available jobs and the declining pool of workers needed to fill them. What is going on? During the nearly two-year-long…
How Lockdowns Caused Chaos in Labor Markets
July 5, 2022
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Business & MarketsBusiness Columnistslabor marketslabor shortagelockdownsrecessionU.S. economyunemployment
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News analysis For most of these last 100 years, unemployment has been an obsession of both economists and government. This is because it has usually been a reliable marker in the business cycle. In good times, the rate falls and in bad times it rises. This pattern has often led to a goofy conflation of…
Cyberattack Disrupts Unemployment Benefits in Some States
NASHVILLE, Tenn.—A cyberattack on a software company has disrupted unemployment benefits and job seeking assistance for thousands of people in several states. In Tennessee, the website for unemployment benefits remained down Thursday morning after the vendor, Geographic Solutions Inc., told the state Sunday that service would be interrupted. Some 12,000 Tennesseans rely on the unemployment…
Eurozone Unemployment Falls to New Record Low of 6.6 Percent in May
BRUSSELS—Eurozone unemployment fell to a new record low in May as the economy continued to rebound from the COVID-19 pandemic, even if inflation exacerbated by Ukraine’s crisis is expected to dampen growth. The European Union’s statistics office Eurostat said on Thursday that unemployment in the 19 countries sharing the euro fell to 6.6 percent of…
Record Numbers of Chinese Graduates Enter Worst Job Market in Decades
June 24, 2022
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Business & MarketsChinaChina Business & EconomyeconomygraduationjobJobs MarketLi KeqiangSocial Issuesunemployment
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BEIJING—Jenny Bai was among 10 high-performing computer science students from different Chinese universities selected by a Beijing-based internet firm for a job upon graduation, following four rounds of arduous interviews. But last month, the company told the students their contract offers were cancelled due to COVID-19 headwinds and the bad state of the economy in…
‘Recessions Aren’t All the Same’: Treasury Secretary Yellen
June 22, 2022
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Business & Marketseconomic recessioneconomyExecutive Branchhigh inflationinflationPoliticsrecessionSecretary of Treasury Janet YellenunemploymentUS
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U.S. Treasury Secretary Janet Yellen insisted that not all recessions are alike and that it might be possible to bring down inflation while maintaining full employment. The usual view that two quarters of negative growth indicates a recession “has typically worked,” Yellen said to reporters on June 21 when asked about how she would measure…
Small Business Owners Struggling to Hire in Tight Labor Market
June 20, 2022
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Business & MarketsCompanieseconomyhiring difficultiessmall business challengeU.S. labor marketunemploymentUS
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A significant number of small businesses are struggling to hire workers and facing multiple challenges in their recruitment efforts, according to the National Federation of Independent Business (NFIB). Current labor market conditions are very tight, with 51 percent of all small business owners reporting that they could not fill their job openings, a June 14…
Jobless Claims Dip But Stay Higher Than Forecast, Clouding Economic Outlook
New weekly filings for unemployment insurance—a proxy for layoffs—inched down by 3,000 last week, suggesting the labor market remains tight, but the number was far lower than analysts expected, in a possible sign of choppy waters ahead for jobs. First-time filings for unemployment insurance fell to 229,000 for the week ending on June 11, the…
UK Unemployment Rate Falls to Lowest in 48 Years but ‘Bumpier Ride’ Ahead
The UK’s unemployment rate has dropped to the lowest level in 48 years, but experts say it could well be “the calm before the storm” and the economy may face a “much bumpier ride” ahead. According to the latest data from the Office for National Statistics (ONS), the rate of unemployment dropped to 3.7 percent…
Jobless Claims Climb Higher In Possible Sign of Labor Market Softening
New weekly filings for unemployment insurance—a proxy for layoffs—have risen above analysts’ expectations to a three-month high, prompting some economists to question whether the tight labor market is heading for a softer patch. First-time filings for unemployment insurance rose by 1,000 to 203,000 for the week ending on May 7, the Labor Department said in…
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