Expert Pitch

June’s jobs report to show companies not in ‘hiring mode’

Cornell University
29-Jun-2020 11:05 AM EDT, by Cornell University

 

On Thursday, the U.S. Bureau of Labor Statistics will release figures for unemployment in the month of June. Cornell experts are available for interviews about the report and the challenges facing the U.S. job market.

Erica Groshen is a senior labor economics advisor at the Cornell University School of Industrial and Labor Relations. She is a former commissioner of the U.S. Bureau of Labor Statistics and vice president of the Federal Reserve Bank of New York, and has written extensively on how economies can recover from recessions.

Bio: https://www.ilr.cornell.edu/people/erica-groshen


Groshen says:
 

“The June 2020 jobs report promises to reflect the confluence of a bewildering set of influences, including a full range from cautious to full reopening across states, continued impact of the Paycheck Protection Program plus other provisions of the CARES Act relief package, expansion of the COVID-19 recession and persistent consumer caution for health and economic reasons.

“The first two influences should support job growth and reduce the number of workers on temporary layoff. The latter two will slow that growth and cause additional job losses, which may be in the form of permanent layoffs. Industry patterns and the diffusion index from the payroll survey will be particularly of interest to sort out some of these effects. The size and industry of revisions to the April and May payroll reports may also be illuminating as they reflect late reports from firms that may be in very active transitions.

“Another influence on June’s official unemployment rate and number of workers on temporary layoff (furlough) will be how well the Bureau of Labor Statistics and Census Bureau (BLS) succeeded in reducing the misclassification issue that has bedeviled household survey data collection since March. When making month-to-month comparisons, observers will need to follow the BLS’s lead and to scrutinize the supporting statement to ensure that they compare apples to apples.”

 

---

 

Murillo Campello, professor of finance at the SC Johnson College of Business at Cornell University, is the author of the white paper “Corporate Hiring Under COVID-19: Labor Market Concentration, Downskilling, and Income Inequality,"published in May by the Bureau of Economic Research.

Bio: https://www.johnson.cornell.edu/faculty-research/faculty/mnc35/

 

Campello says:

“Jobless claims are falling but are doing so very slowly. More important, they are falling down from an unprecedented spike in March. The fact that 1.5 million Americans filed for jobless claims last week alone cannot be read as ‘good news.’ Other OECD countries have done a far better job at preserving employment than the U.S., with larger, more generous incentive programs grated to large and small companies.

“The IMF predicts that the world economy will contract about 5% in 2020, with the contraction in the U.S. GDP reaching 8%. This, while Europe’s and Mexico’s GDP each fall more than 10%. China has virtually no growth projected for 2020. In the midst of this, there is little reason for optimism in the U.S. job market. There is no economic growth in the country, nor in the economic areas the U.S. trades with. There is close to no new demand for goods and services in the world economy.  

“A number of large-firm bankruptcies are in the works, beyond your local mom-and-pop local businesses. These events create disruptions in several industries’ supply chains. Companies are not in hiring mode any time soon. 

“Social distancing is here to stay. Some of the jobs lost will never come back, and others can be performed more efficiently by part-time work shifts from home. The pandemic set in motion a complete restructuring of the workspace. More jobs are lost than we may realize right now.”

 

 

 

Please find other experts at Cornell available to discuss the coronavirus crisis from a science  and public health perspectivefor its impact on the economy and in the ways the pandemic is changing our daily lives and affecting countries around the world.

 

- 30 -

 

 




Filters close

Showing results

110 of 5636
Released: 13-May-2021 7:05 PM EDT
FLCCC Statement on the Irregular Actions of Public Health Agencies & the Disinformation Campaign Against Ivermectin
Front Line COVID-19 Critical Care Alliance (FLCCC Alliance)

FLCCC Alliance calls for whistleblower to step forward from within WHO, the FDA, the NIH, Merck, or Unitaid to counter this misrepresentation

Newswise: shutterstock_1724336896.jpg
Released: 13-May-2021 12:55 PM EDT
Kreuter receives $1.9 million in grants to increase vaccinations in St. Louis
Washington University in St. Louis

Matthew Kreuter, the Kahn Family Professor of Public Health at the Brown School, has received $1.9 million in grants to help increase COVID-19 vaccinations among Blacks in St. Louis City and County.

Released: 13-May-2021 11:35 AM EDT
COVID-19 mRNA Vaccines are Immunogenic in Pregnant and Lactating Women, Including Against Viral Variants
Beth Israel Deaconess Medical Center

In a new study from Beth Israel Deaconess Medical Center researchers evaluated the immunogenicity of COVID-19 mRNA vaccines in pregnant and lactating women who received either the Pfizer or Moderna COVID-19 vaccines. They found that both vaccines triggered immune responses in pregnant and lactating women.

Released: 13-May-2021 10:30 AM EDT
Pandemic stigma: Foreigners, doctors wrongly targeted for COVID-19 spread in India
Monash University

The Indian public blamed foreigners, minority groups and doctors for the rapid spread of COVID-19 across the country during the first wave, due to misinformation, rumour and long-held discriminatory beliefs, according to an international study led by Monash University.

Released: 13-May-2021 9:15 AM EDT
28 Community Programs Receive Grants Through Penn Medicine CAREs Program
Perelman School of Medicine at the University of Pennsylvania

Penn Medicine CAREs awarded grants to 28 projects, many of which aim to fill vast needs in the community created by the COVID-19 pandemic, while others seek to improve diversity, equity, and inclusion.

Released: 13-May-2021 9:00 AM EDT
How to Win Over Vaccine Skeptics: Live Expert Panel for May 20, 3pm ET
Newswise

How to Win Over Vaccine Skeptics: Live Expert Panel for May 20, 3pm ET

Released: 13-May-2021 8:00 AM EDT
Dental procedures during pandemic are no riskier than a drink of water
Ohio State University

A new study’s findings dispel the misconception that patients and providers are at high risk of catching COVID-19 at the dentist’s office.

Newswise:Video Embedded lung-damage-not-the-culprit-for-post-covid-exercise-limitations
VIDEO
Released: 13-May-2021 7:00 AM EDT
Lung Damage Not the Culprit for Post-COVID Exercise Limitations
American Physiological Society (APS)

A new study suggests the lungs may not be the main factor that reduce exercise ability in people recovering from severe COVID-19. Anemia and muscle dysfunction also play a role. The study is published ahead of print in the Journal of Applied Physiology. It was chosen as an APSselect article for May.


Showing results

110 of 5636

close
1.26487