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-- this post authored by David Dam, Meghana Gaur, Fatih Karahan, Laura Pilossoph, and Will Schirmer The ongoing COVID-19 pandemic and the various measures put in place to contain it caused a rapid deterioration in labor market conditions for many workers and plunged the nation into recession. The unemployment rate increased dramatically during the COVID recession, rising from 3.5 percent in February to 14.8 percent in April, accompanied by an almost three percentage point decline in labor force participation. While the subsequent labor market recovery in the aggregate has exceeded even some o...

Up On Main Street -- this post authored by Donald P. Morgan and Steph Clampitt The Main Street Lending Program was the last of the facilities launched by the Fed and Treasury to support the flow of credit during the COVID-19 pandemic. The others primarily targeted Wall Street borrowers; Main Street was for smaller firms that rely more on banks for credit. It was a complicated program that worked by purchasing loans and sharing risk with lenders. Despite its delayed launch, Main Street purchased more debt than any other facility and was accelerating when it closed in January 2021. This post fi...

These California Workers Will Be Left Behind Even When Jobs Recover from COVID By Mark Kreidler On 2/12/21 at 6:37 PM EST This story is co-published with Capital & Main The early stages of the COVID-19 crisis in America wiped out so many jobs so quickly that it could be difficult to focus on a single area of the damage. More than 20 million workers lost their positions between February and April of 2020 alone, a 15 percent decline. But from the start, experts in economic inequities had a feeling about where this might go even when recovery began. And new research by the Federal Reserve Ban...

-- this post authored by Jonathan McCarthy The coronavirus pandemic and the various measures to address it have led to unprecedented convulsions to the U.S. and global economies. In this post, I examine those extraordinary impacts through the lens of personal consumption expenditures on discretionary and nondiscretionary services, a framework I developed in a 2011 post (and subsequently employed in 2012, 2014, and 2017). In particular, I show that there were exceptional declines in both services categories during the spring; their recoveries, however, have displayed notably different patterns...

Messenger KUWAIT CITY, Jan 18: Despite the increase in the number of workers in government agencies that resulted in disguised unemployment for citizens due to some factors such as poor distribution process in government agencies — the major factor mentioned in several reports, citizens remain hesitant in taking certain jobs as shown in the statistics and manpower requests submitted to the Civil Service Commission (CSC), reports Al- Jarida daily. This indicates scarcity of applicants for some jobs in spite of the tens of thousands of educational outputs annually. According to the report of...