“The data show that, historically, exits from full-time employment have disproportionately come from the lower end of the earnings distribution.”
That is, a disproportionate share of those who lost jobs came from the bottom half of the wage distribution.” “Since the onset of COVID-19, low-wage workers have been disproportionately affected by job loss. This acceleration has been almost entirely attributable to job losses among low-wage workers.”
“Despite a sharp spike in unemployment since March 2020, aggregate wage growth has accelerated. “The Illusion of Wage Growth”, an Economic Research Letter from the Federal Reserve Bank of San Francisco. Recall that last week, the FT published an article that quoted several governors at the ECB who had expressed worry about a potential negative impact that continued strength in the euro might have for the economy. ECB President Lagarde’s remarks and press conference were viewed as slightly hawkish as she did not reiterate or express concerns about the euro’s strength. The European Central Bank (ECB) met this week and their public policy statement release was almost a word for word copy of the July statement. With reopening plans still proceeding (for instance NJ and NY plan to resume indoor dining in September), we expect job openings in the leisure and hospitality sectors to re-accelerate.” -Citi “The July JOLTS data on job openings showed an increase of openings across most categories. PUA now represents roughly half of continuing claims as well.” -Wells Fargo “While regular state claims have continued to trend lower, initial claims for pandemic unemployment assistance (PUA the federal relief program for gig workers and others) rose for the fourth consecutive week with 839K people filing during the first week of September that’s the most since July and on the verge of overtaking regular claims on a non-seasonally adjusted basis. Number of states showing a drop in continuing claims down to 33 states from 47 last week. This is because of +0.356 mln from California. US Initial Jobless Claims: 884k, continues to trend sideways, averaging less than 2% decline weekly for the past month.Ĭontinuing claims 13.385mln up from 13.292mln.
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