Business, Economics, and Taxes: Capitalism. Yay? >=(

[aparch]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

April unemployment numbers dropped, and the numbers are huge. Lots of data to sort through.

Just in: The U.S. Bureau of Labor Statistics is reporting that 20.5 million jobs were lost in the month of April because of #coronavirus. The unemployment rate in America has risen to 14.7 percent, up from 4.4 percent in March. Worst numbers since the Great Depression.

Due to the different classifications, those who were laid off temporarily but weren't classified "correctly" (ie: furloughed without pay, etc.) would drive the percentage point 5% higher to be closer to 20% unemployment.

https://www.bls.gov/news.release/empsit.nr0.htm

CNBC said (and I cant find the breakdown) that college graduates unemployment jumped to 8%. High school graduates (Trump's base)? Up to now 20%+ unemployment.

[aparch]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

Found the education breakdown. Its.... dramatic to see just how much a college degree is worth.

https://www.bls.gov/news.release/empsit.t04.htm

[Rover]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

Found the education breakdown. Its.... dramatic to see just how much a college degree is worth.

https://www.bls.gov/news.release/empsit.t04.htm

That is fascinating. Especially since its usually conservatives who are pimping that "college degrees aren't worth it" schtick.

[aparch]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

Also interesting listening to the discussion of the April jobs number summary: more CEOs and business owners are vocally admitting to the experts that this virus came at a great time to allow these companies to "streamline" and "correct" employment. These companies are not bringing every laid-off employee back even if the economy magically could go to 100% tomorrow.

The exact number of the 18 million classified as "temporary layoff" who actually return to work is a big unknown at this point.

[rufus]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

That is fascinating. Especially since its usually conservatives who are pimping that "college degrees aren't worth it" schtick.

You mean all those ones with college degrees?

[FadeToBlack&Gold]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

Found the education breakdown. Its.... dramatic to see just how much a college degree is worth.

https://www.bls.gov/news.release/empsit.t04.htm

All that means is that this hasn't caught up with white collar labor yet. Lots of contracts that were pending signature in March and April were suspended for further review or shelved.

[Jimjamesak]

All that means is that this hasn't caught up with white collar labor yet. Lots of contracts that were pending signature in March and April were suspended for further review or shelved.

Yeah, it’s usually blue collar taking it first.

We’re the first ones to starve, we’re the first ones to die...

[Kepler]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

All that means is that this hasn't caught up with white collar labor yet.

Those numbers are incredible!

Unemployment rate year-over-year April:

Education  2019    2020  Change
< HS        5.2    21.1    15.9
< Col       3.3    17.3    12.0
< BA        2.9    15.0    12.1
BA+         1.9     8.4     6.5

[rufus]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

Yeah, it’s usually blue collar taking it first.

We’re the first ones to starve, we’re the first ones to die...

Last ones to get bailed out.

[mookie1995]

That is fascinating. Especially since its usually conservatives who are pimping that "college degrees aren't worth it" schtick.

Well, they aren’t worth IT

[mookie1995]

Also interesting listening to the discussion of the April jobs number summary: more CEOs and business owners are vocally admitting to the experts that this virus came at a great time to allow these companies to "streamline" and "correct" employment. These companies are not bringing every laid-off employee back even if the economy magically could go to 100% tomorrow.

The exact number of the 18 million classified as "temporary layoff" who actually return to work is a big unknown at this point.

Wasn’t it you that heard on CNBC one day that wages will be reset when hiring starts back?

[aparch]

Wasn’t it you that heard on CNBC one day that wages will be reset when hiring starts back?

Yep, well one of them. CNBC keeps mentioning it.

To be honest, it's one of those "we'll see what actually happens," but it's still a little surprising that CEO's are saying the quiet parts that should be whispered very vocally.

[Kepler]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

Wasn’t it you that heard on CNBC one day that wages will be reset when hiring starts back?

That was me. I read in WSJ that many companies are doing that.

Also resetting tenure to 0 for benefits.

Burn all the business schools to the ground.

[Handyman]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

Why wouldnt they say it out loud...there is no way to hold them to account and it is just the thing investors want to hear.

[Kepler]

Re: Business, Economics, and Taxes: Capitalism. Yay? >=(

Why wouldnt they say it out loud...there is no way to hold them to account and it is just the thing investors want to hear.

Who says they aren't?