The Week Ahead: Looking at the share of long-term unemployment
The penultimate jobs report of the Trump Administration will be released on Friday. Any drop in the headline unemployment rate for November will be heralded by the president as proof that the economy is healing. He will take credit where very little is due. Don’t be shocked if he uses it as an anvil to hammer imaginary threats of economic ruin with the incoming administration.Instead of focusing on the change of the monthly unemployment rate, millions of American workers are counting their time going without work by the month. The share of long-term unemployment has quadrupled since July. A th...
As women leave pandemic economy, returning to work, higher wages will be a struggle
DETROIT — Tanisha Loyd, a Detroit mom of two, has been on leave from her job in customer service since mid-September, without pay or benefits.Loyd, 29, remains at home full time with her children — keeping her kindergartner on track with online school and caring for her 1-year-old. She doesn’t have the option to work from home and doesn’t expect to return to work until Jan. 4. But even that depends on if her child’s school is in person or remains virtual.Loyd says the pandemic is a “battle” for working moms, forcing her to choose between a job to help sustain her household or being there for h...
Detroit Free Press
Susan Tompor: University of Michigan economists: Vaccine could boost U.S. growth in 2021
The outlook continues to be clouded by COVID-19 but a team of University of Michigan economists sees encouraging signs that could bring economic life close to normal by the end of 2021.Much, though, will depend on how readily a vaccine becomes available by next summer.The annual U.S. Economic Outlook, released Thursday morning, indicated that the real gross domestic product is expected to rise by 4.2% in 2021.Real GDP is expected to decline by 3.6% year-over-year in 2020, according to the U-M forecast.“Regardless of what happens in the near term with the virus, I think the recovery will be pre...
Detroit Free Press
Editorial: Biden should reboot transatlantic ties
China and 14 other Asian-Pacific nations have signed a massive free trade agreement — the Regional Comprehensive Economic Partnership. The pact covers about 2.2 billion people in the 10 countries in the Association of Southeast Asian Nations, as well as U.S. allies Australia, New Zealand, Japan and South Korea.The deal, announced Sunday, mostly lowers tariffs, with less focus on environmental, labor, intellectual property and other standards. Those virtues were features of another free trade pact meant as a counterbalance to China’s rise — the Trans-Pacific Partnership Agreement.That 2016 deal...
Star Tribune (Minneapolis)
Economists: Vaccine could boost US growth in 2021
DETROIT — The outlook continues to be clouded by COVID-19 but a team of University of Michigan economists sees encouraging signs that could bring economic life close to normal by the end of 2021.Much, though, will depend on how readily a vaccine becomes available by next summer.The annual U.S. Economic Outlook, released Thursday morning, indicated that the real gross domestic product is expected to rise by 4.2% in 2021.Real GDP is expected to decline by 3.6% year-over-year in 2020, according to the U-M forecast.“Regardless of what happens in the near term with the virus, I think the recovery w...
Detroit Free Press
Some Washington state residents told they have to repay jobless benefits
SEATTLE — Last week, Sonja Knudson got some unpleasant news: The $8,350 in federal jobless benefits she’d received last spring from the state Employment Security Department (ESD) was actually an overpayment, and she’d have to pay it back.If not, the agency warned it would garnish her paycheck or tax refund, said Knudson, 51, a longtime substitute teacher with both Seattle Public Schools and Methow Valley School District. “I really appreciated getting the benefit last spring,” she added. “But this has been really frustrating.”Knudson isn’t alone. Over the last several weeks, thousands of Washin...
The Seattle Times
GM and the UAW meet with Biden and Harris on COVID-19 and economy
General Motors and the UAW met with President-elect Joe Biden and Vice President-elect Kamala Harris on Monday to talk about the economy and the rise of COVID-19 cases sweeping the nation.The UAW told the incoming administration that there is a need for an immediate economic package to help people hard hit by the pandemic.The Biden Administration Transmission Committee called the meeting last night, said UAW spokesman Brian Rothenberg. The virtual meeting was scheduled for 11:30 a.m. with Biden and Harris together in Wilmington, Delaware, a GM spokesperson said.UAW President Rory Gamble charac...
Detroit Free Press
Editorial: The Senate's job one: Pass a strong and focused COVID-19 stimulus
A Joe Biden presidency augurs well for eventually controlling the COVID-19 pandemic, but Americans can’t afford to wait until Biden takes office on Jan. 20 for federal help. More than two months have passed since Congress recklessly let lapse the individual stimulus payments and business loan programs that were helping stabilize the economy as Americans await a vaccine.Since summer, the major impediment to new stimulus has been Senate Majority Leader Mitch McConnell and his GOP conference. GOP control of the Senate hangs by a thread and will be determined in twin runoff elections in Georgia ea...
New York Daily News
Spruce Point To Issue A Forensic Investigation Report
Spruce Point Capital Management To Issue A Forensic Investigation Report TomorrowQ3 2020 hedge fund letters, conferences and moreForensic Investigation Report: A Company Covering Up Multiyear Margin PressuresSpruce Point is pleased to announce it will issue a critical forensic investigation report tomorrow morning on benchmark US company that we believe has been covering up multiyear margin pressures in its business. After years of slowly curtailing key disclosures and pulling numerous levers to portray growth, we believe COVID-19 was the body blow that tipped the scale towards management now ...
Pandemic recession becomes 'shecession' as more working moms are forced to quit jobs
As a social service provider, Colleen Zavodny knows how important it is to take care of her mental health, but the coronavirus pandemic has tested her like nothing else.“I’ve had a couple nasty, ugly cries where I wonder how am I going to keep managing this,” said Zavodny, of Woodridge, Ill., who runs the YWCA Metropolitan Chicago’s rape crisis center.Zavodny supervises e-learning for her 5-year-old daughter Silvia while working full time for the YWCA from home. She also had been working as a server at a restaurant every other weekend when her ex has custody of their daughter.When COVID-19 res...