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Tag Archives: Unemployment

Chart of the WeekUnemployment in Today’s Recession Compared to the Global Financial Crisis

By Ippei Shibata There has been much discussion in recent months about how workers who transitioned to working from home—and those who were deemed “essential”—are less affected by the layoffs and job losses brought on by lockdowns than are workers in “social” jobs that require closer human interaction, like restaurant workers. However, our new IMF staff research suggests that this does not tell the full story. In particular, we find that while teleworkable jobs are indeed more secure than...

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The COVID-19 Gender Gap

By Kristalina Georgieva, Stefania Fabrizio, Cheng Hoon Lim, and Marina M. Tavares عربي, 中文, Español,  Français, 日本語, Português, Русский  The COVID-19 pandemic threatens to roll back gains in women’s economic opportunities, widening gender gaps that persist despite 30 years of progress. Well-designed policies to foster recovery can mitigate the negative effects of the crisis on women and prevent further setbacks for gender equality. What is good for women is ultimately good for addressing...

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Delaying College During the Pandemic Can Be Costly

Jaison R. Abel and Richard Deitz Many students are reconsidering their decision to go to college in the fall due to the coronavirus pandemic. Indeed, college enrollment is expected to be down sharply as a growing number of would-be college students consider taking a gap year. In part, this pullback reflects concerns about health and safety if colleges resume in-person classes, or missing out on the “college experience” if classes are held online. In addition, poor labor market...

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Finally, Some Signs of Improvement in the Regional Economy

Jaison R. Abel, Jason Bram, Richard Deitz, and Benjamin G. Hyman The Federal Reserve Bank of New York’s June business surveys show some signs of improvement in the regional economy. Following two months of unprecedented decline due to the coronavirus pandemic, indicators of business activity point to a slower pace of contraction in the service sector and signs of a rebound in the manufacturing sector. Even more encouraging, as the regional economy has begun to reopen, many...

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Job Training Mismatch and the COVID-19 Recovery: A Cautionary Note from the Great Recession

Benjamin G. Hyman and Karen X. Ni Displaced workers have been shown to endure persistent losses years beyond their initial job separation events. These losses are especially amplified during recessions. (1) One explanation for greater persistence in downturns relative to booms, is that firms and industries on the margin of structural change permanently shift the types of tasks and occupations demanded after a large negative shock (Aghion et al. (2005)), but these new occupations...

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Consumers Increasingly Expect Additional Government Support amid COVID-19 Pandemic

Gizem Koşar, Kyle Smith, and Wilbert van der Klaauw The New York Fed’s Center for Microeconomic Data released results today from its April 2020 SCE Public Policy Survey, which provides information on consumers' expectations regarding future changes to a wide range of fiscal and social insurance policies and the potential impact of these changes on their households. These data have been collected every four months since October 2015 as part of our Survey of Consumer Expectations (SCE)....

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Making Economies More Resilient to Downturns

By John Bluedorn and Wenjie Chen عربي, 中文, Español, Français, 日本語, Português, Русский The world is in the grip of the COVID-19 pandemic and the ensuing Great Lockdown has pushed many countries into deep recessions—worse than during the 2008–09 global financial crisis. In response, governments and central banks all over the world have introduced strong discretionary (one-off and specific) fiscal and monetary measures to counteract the economic fallout caused by the spread of the...

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Translating Weekly Jobless Claims into Monthly Net Job Losses

Jason Bram and Fatih Karahan News headlines highlighting the loss of at least 30 million jobs (so far) underscore the massive shock that has hit the U.S. economy and the dislocation, hardship, and stress it has caused for so many American workers. But how accurately does this number actually capture the number of net job losses? In this post, we look at some of the statistical anomalies and quirks in the weekly claims series and offer a guide to interpreting these numbers. What we...

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Fiscal Policies to Contain the Damage from COVID-19

Vitor Gaspar, W. Raphael Lam, and Mehdi Raissi عربي, 中文, Español, Français, 日本語, Português, Русский In times of pandemic, fiscal policy is key to save lives and protect people. Governments have to do whatever it takes. But they must make sure to keep the receipts. The Fiscal Monitor shows how policymakers can offer emergency lifelines to: save lives; protect people from losing jobs and incomes, and companies from bankruptcies; and enable a recovery. So far, countries have taken fiscal...

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Economic Policies for the COVID-19 War

This blog is part of a special series on the response to the coronavirus. By Giovanni Dell’Ariccia, Paolo Mauro, Antonio Spilimbergo, and Jeromin Zettelmeyer عربي, Español, Français, 日本語, Русский The COVID-19 pandemic is a crisis like no other. It feels like a war, and in many ways it is. People are dying. Medical professionals are on the front lines. Those in essential services, food distribution, delivery, and public utilities work overtime to support the effort. And then there are the...

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