Black Monday

[Panda-NZ-]

https://www.nzherald.co.nz/world/new...ectid=12330670
Devastating United States jobs report for April will show Covid-19 impact.

The US unemployment rate for April could reach 16% or more. Twenty-one million jobs may have been lost.
If so, it would mean that nearly all the job growth in the 11 years since the Great Recession ended had vanished in one month. The scale of the job loss has been breathtakingly sudden.
During the Great Recession of 2008-2009, the nation lost 6.5% of its jobs over a two-year span. Yet in just April alone, the expected job loss of 21 million would amount to 14% of all jobs — more than twice as much.

The large companies will make market share gains and tech will boom.. Only small businesses are badly hit so far which are not represented in the indexes.

[moka]

As posted above... how do they measure joblessness in the US.

If we in NZ measured it the same way our jobless rate for the month of April would be about 25%.

In the five weeks covered by the US jobs report for April, 26.5 million people applied for unemployment benefits.
The job loss to be reported Friday may be less because the two are measured differently: The government calculates job losses by surveying businesses and households. It's a net figure that also counts the hiring that some companies, like Amazon and many grocery stores, have done. By contrast, the total jobless claims is a measure of just the layoff side of the equation.

Twenty-one million jobs may have been lost.
If so, it would mean that nearly all the job growth in the 11 years since the Great Recession ended had vanished in one month. The scale of the job loss has been breathtakingly sudden.

[King1212]

Settle down people!....the job loss is only temporary....given the lock down. Once open up....hiring will be huge!

https://www.cnbc.com/2020/05/08/why-...ob-losses.html

[Raz]

Settle down people!....the job loss is only temporary....given the lock down. Once open up....hiring will be huge!

https://www.cnbc.com/2020/05/08/why-...ob-losses.html

Their market seem to assume the virus as it fly's and travels around in the USA, a million plus affected people, just an't going to change high consumer confidence or everyday life, some one just switched it off....

[blackcap]

In the five weeks covered by the US jobs report for April, 26.5 million people applied for unemployment benefits.
The job loss to be reported Friday may be less because the two are measured differently: The government calculates job losses by surveying businesses and households. It's a net figure that also counts the hiring that some companies, like Amazon and many grocery stores, have done. By contrast, the total jobless claims is a measure of just the layoff side of the equation.

Twenty-one million jobs may have been lost.
If so, it would mean that nearly all the job growth in the 11 years since the Great Recession ended had vanished in one month. The scale of the job loss has been breathtakingly sudden.

Additionally, 78% of those who lost their job in April said they were furloughed, meaning the unemployment in theory will be temporary.

https://www.cnbc.com/2020/05/08/why-...ob-losses.html

[Raz]

Additionally, 78% of those who lost their job in April said they were furloughed, meaning the unemployment in theory will be temporary.

https://www.cnbc.com/2020/05/08/why-...ob-losses.html

Prepared to take a bet on that actually happening?

[CatO'Tonic]

From my perspective, I'm seeing a different story with the economy going into the next few years. I work in Industrial Automation and I have seen a huge increase in interest in my services and others like it. Anecdotally, I'm hearing that labour intensive companies are attempting to hedge against a large semi-skilled workforce that is vulnerable to pandemics like this one. The ideal manufacturing or food processing plant is one where you're not exposed to human factors. I saw the same thing after the GFC - job losses were used to cherry pick the best workers and as the economy grew, the slack was taken up by Automation. One of the things that discourages these companies from modernising their processes is the potential backlash from mass layoffs. When they have a genuine reason to lay people off, they take full advantage of it. I've said it before but this change is inevitable. The current situation only serves to expedite the process. My two cents...

[Raz]

From my perspective, I'm seeing a different story with the economy going into the next few years. I work in Industrial Automation and I have seen a huge increase in interest in my services and others like it. Anecdotally, I'm hearing that labour intensive companies are attempting to hedge against a large semi-skilled workforce that is vulnerable to pandemics like this one. The ideal manufacturing or food processing plant is one where you're not exposed to human factors. I saw the same thing after the GFC - job losses were used to cherry pick the best workers and as the economy grew, the slack was taken up by Automation. One of the things that discourages these companies from modernising their processes is the potential backlash from mass layoffs. When they have a genuine reason to lay people off, they take full advantage of it. I've said it before but this change is inevitable. The current situation only serves to expedite the process. My two cents...

Yes it is flowing through from the main consultancies focus on supply chain strategy...larger employers will employ way less and sme's are slow on the uptake when do take on again...

[CatO'Tonic]

We've heard for years that the way to leverage our largely primary sector based economy is to add value to the product. The same needs to apply to the workforce. We can't hope to compete internationally if so much of our labour force is unskilled. I think the best way forward is to concentrate on upskilling our people and supplement that approach with a change to the tax base. People who are living hand to mouth on minimum wage are in survival mode. They don't have the time or energy to redesign their careers and aren't willing to risk losing what they have, especially when they have families etc. I think we should be looking at a comprehensive and livable wage, or a supplement to part time work for those who take on training and/or education, just to ensure that further training is an option for people in that situation

[bull....]

From my perspective, I'm seeing a different story with the economy going into the next few years. I work in Industrial Automation and I have seen a huge increase in interest in my services and others like it. Anecdotally, I'm hearing that labour intensive companies are attempting to hedge against a large semi-skilled workforce that is vulnerable to pandemics like this one. The ideal manufacturing or food processing plant is one where you're not exposed to human factors. I saw the same thing after the GFC - job losses were used to cherry pick the best workers and as the economy grew, the slack was taken up by Automation. One of the things that discourages these companies from modernising their processes is the potential backlash from mass layoffs. When they have a genuine reason to lay people off, they take full advantage of it. I've said it before but this change is inevitable. The current situation only serves to expedite the process. My two cents...

totally now is the time for business to go full on automation , AI etc
without labour in the equation the field is levelled worldwide , best product will win then.
china is moving very fast in the space to make themselves world leaders for the future