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Tag Archives: Jobs

More Bad News for the Labor Market

More bad news for the labor market.Nearly 1-in-10 companies are planning layoffs in the next three months. That’s on top of the more than a quarter of US companies that have already let workers go in Q4. Last month, companies announced tens of thousands of layoffs. Disney announced plans to lay off 28,000 employees. US airlines are poised to let up to 50,000 workers go. Allstate plans to cut around 3,000 jobs. Royal Dutch Shell will eliminate around 9,000 jobs globally. German auto-parts...

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Ranks of the Long-Term Unemployed Growing

The mainstream spin on unemployment is that things are improving. The unemployment rate is coming down. The number of weekly jobless claims recently fell below 800,000 for the first time since government lockdowns in response to the pandemic went into high gear last March. But there are some troubling signs that undercut this good-news narrative. The number of long-term unemployed workers is steadily rising.The ranks of the long-term unemployed – those out of work for 27 weeks or more –...

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Is progressivism a scam?

Terms like “progressive” can be defined in a variety of ways. One common theme is that progressives are relatively optimistic that governments can solve economic problems. We normally think of conservative Republicans as being on the other end of the spectrum, opposed to government meddling in the economy. President Trump is a bit unusual in that he is a Republican who is skeptical of the free market. He used a combination of subsidies, bullying and tariffs to try to...

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Wave of Corporate Mergers Could Put More Americans Out of Work

Last week, we reported on the number of temporary layoffs that are turning into permanent job losses.  Now Goldman Sachs is projecting even more permanent job losses coming down the pike as a wave of mergers, acquisitions and corporate takeovers sweeps through the economy.Goldman Sachs Group president John Waldron warned that we’re going to see more big businesses doing better, but there will be more job losses along the way as large corporations look to consolidate smaller companies.You...

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These Jobs Ain’t Comin’ Back: SchiffGold Friday Gold Wrap Oct. 16, 2020

It’s been months since the US started to reopen after the government-imposed coronavirus shutdowns and yet hundreds of thousands of Americans continue to file for unemployment every week. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey takes a close look at the labor market and concludes that a lot of these jobs are never coming back. He also talks a little about the upcoming presidential election and makes a prediction about the outcome.The SchiffGold Friday Gold Wrap...

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“Temporary” Layoffs Turning Into Permanent Job Losses

When governments across the US forced businesses to close down in response to the coronavirus pandemic, everybody assumed the layoffs would be temporary. Despite the huge surge in unemployment, the expectation was people would quickly return to work once the crisis passed and the economy opened up again. But as the pandemic stretches into its eighth month, millions of Americans remain out of work and economists say many of those “temporary” job losses have become permanent.Millions of...

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Peter Schiff: Trump COVID-19 Positive; Employment Outlook Negative

We got the September jobs report on Friday but it was completely overshadowed by the announcement that President Trump tested positive for COVID-19. Peter talked about the ramifications of both in his podcast.According to the Bureau of Labor Statistics seasonally adjusted number, the US economy added 661,000 new jobs last month. This was a significant miss from the well over 800,000 jobs economists were projecting. Still, the unemployment rate came in lower than expected, at 7.9%. That was...

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Jobs, Jobs, Jobs: SchiffGold Friday Gold Wrap Oct. 2, 2020

The September labor market report comes out today, but it may not tell the whole story when it comes to jobs. On this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the long-term prospects for the labor market in the wake of coronavirus lockdowns. He also discusses recent price moves in gold and silver, and talks a little about future prospects for the dollar. The SchiffGold Friday Gold Wrap podcast combines a succinct summary of the week’s precious metals news...

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Companies Announce Tens of Thousands of Layoffs

Tens of thousands of people will get pink slips in the coming weeks as the long-term economic damage caused by government lockdowns in response to the coronavirus pandemic begin to ripple through the economy.Disney announced it will lay off 28,000 employees. US airlines are poised to let up to 50,000 workers go. Allstate plans to cut around 3,000 jobs. Royal Dutch Shell will eliminate around 9,000 jobs globally. German auto-parts supplier Continental AG announced it will cut or shift some...

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Lockdowns May Have Permanently Scarred the Labor Market

Every week, analysts and pundits pour over the latest weekly jobs report looking for signs of life. Every month, we dive into the monthly unemployment numbers hoping they signal economic recovery. But these unemployment numbers don’t tell the whole story.The government economic shutdowns in response to the coronavirus pandemic have deeply wounded the economy in ways that won’t immediately show up in the numbers. In fact, they could leave scars on the economy that don’t fade for years.Many...

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