Roughly 40 Percent of Americans Say They Recently Suffered Financial Difficulties, Study Shows

Soldiers assigned the Ohio National Guard’s HHC 1-148th Infantry Regiment – 37th Infantry Brigade Combat Team and the Ohio Military Reserve, give the thumbs-up for troopers assigned to the Ohio State Highway Patrol, to send more vehicles through the line at a drive through food distribution event at the Toledo Northwestern Ohio Food Bank, May 9, 2020. The food bank teamed up with the Ohio National Guard and the Highway Patrol to conduct the first-ever drive through event at the food bank. More than 700 Ohio National Guard and Ohio Military Reserve members were activated to provide humanitarian missions in support of Operation Steady Resolve COVID-19 relief efforts, continuing The Ohio National Guard’s long history of supporting humanitarian efforts throughout Ohio and the nation. To date, the Ohio National Guard has assisted in the distribution of more than 9.9 million pounds of food and pantry items to Ohioans in need. (Air National Guard photo by Senior Master Sgt. Beth Holliker)

Over 40% of U.S. households said they experienced severe financial hardship during the COVID-19 pandemic, citing difficulties paying bills, credit cards and draining their savings, according to a Harvard University report.

The survey conducted by the Harvard T.H.Chan School of Health, the Robert Wood Johnson Foundation, and the National Public Radio asked roughly 3,600 participants between July and August about problems they faced during the pandemic and how it affected their lives in recent months. Respondents were asked about financial, healthcare, education and personal safety concerns.

Roughly 30% of adults interviewed said they used up all or most of their savings during the pandemic, while 10% reported they had no savings before the pandemic began, according to the report.  About one in five households had difficulties paying credit cards, loans, and other debts as well as utilities.

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U.S. Economy Added 194,000 Jobs in September, Badly Missing Expectations

Person using a laptop, pointing to the screen

The U.S. economy reported an increase of 194,000 jobs in September, and the unemployment rate fell to 4.8%, according to Department of Labor statistics.

The number of unemployed people fell by 710,000 to 7.7  million, according to the Department of Labor statistics released Friday.   Economists projected that employers created 500,000f jobs in September, more than double the figure in August, according to the Wall Street Journal.

Despite the spike in employment, the labor market remains thin due to the pandemic, and job growth earlier in the year was considerably stronger, according to the WSJ.

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U.S. Economy Added Just 235,000 Jobs in August, Way Short of Economists’ Projections

Woman organizing table contents in restaurant

The U.S. economy added 235,000 jobs in August and the unemployment rate fell to 5.2%, according to Department of Labor data released Friday.

The number of unemployed people decreased to 8.4 million, according to the Bureau of Labor Statistics report. Economists projected 720,000 Americans — roughly three times the actual number — would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.

“Despite the delta variant, there is still an opening up of the service sector of the U.S. economy,” Nationwide Mutual Insurance Chief Economist David Berson told the WSJ. “While that started some months ago, it’s not nearly complete.”

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U.S. Economy Added Whopping 943,000 Jobs in July as Recovery Accelerates

Group of people gathered, talking next to an office desk

The U.S. economy reported an increase of 943,000 jobs in July and the unemployment rate fell to 5.4%, according to Department of Labor data released Friday.

Total non-farm payroll employment increased by 850,000 in July, according to the Bureau of Labor Statistics report, and the number of unemployed persons decreased to 8.7 million. Economists projected 845,000 Americans would be added to payrolls prior to Friday’s report, The Wall Street Journal reported.

“The jobs recovery is continuing, but it’s different in character to any we’ve seen before,” payroll software firm ADP economist Nela Richardson told the WSJ. “I had been looking at September as a point when we could gain momentum—with schools back in session and vaccines widely available. But with the delta variant, we need to rethink that.”

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Labor Shortage Slows Oil Production in Major Fracking State

A shortage of workers has contributed to a significant crude oil production slowdown in North Dakota, the second-largest U.S. oil hub behind only Texas.

The labor shortage has caused oil output to become “flat as a pancake,” North Dakota State Mineral Resources Director Lynn Helms told The Bismarck Tribune. Energy companies have struggled to find workers needed to do the laborious work — injecting water, sand and chemicals into wells to extract oil — associated with fracking.

“Most of these folks went to Texas where activity was still significantly higher than it was here, where they didn’t have winter and where there were jobs in their industry,” Helms said, according to the Tribune. “It’s going to take higher pay and housing incentives and that sort of thing to get them here.”

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Economy Added 850,000 Jobs in June, Well Above Economists’ Forecasts

Person using a laptop, pointing to the screen

The U.S. economy reported an increase of 850,000 jobs in June and the unemployment rate ticked up to 5.9%, according to Department of Labor data released Friday.

Total non-farm payroll employment increased by 850,000 in June, according to the Bureau of Labor Statistics report, and the number of unemployed persons increased to 9.5 million. Economists projected 700,000 Americans would be added to payrolls prior to Friday’s report, according to The Wall Street Journal.

“This is a trickier phase of the recovery,” Wells Fargo senior economist Sarah House told The New York Times.

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Commentary: Minimum Wage Hikes Led to Lower Worker Compensation, New Research Shows

Opponents of minimum wage laws tend to focus their criticism on one particular adverse consequence: by artificially raising the price of labor, they reduce employment, particularly for the most vulnerable in society.

“Minimum wage laws tragically generate unemployment, especially so among the poorest and least skilled or educated workers,” economist Murray Rothbard wrote in 1978. “Because a minimum wage, of course, does not guarantee any worker’s employment; it only prohibits, by force of law, anyone from being hired at the wage which would pay his employer to hire him.

Though some economists, such as Paul Krugman, reject Rothbard’s claim, a recent study found the overwhelming body of academic research supports the idea that minimum wage laws increase unemployment.

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‘Operation Warp Speed for Jobs’: Worker Shortage Is Getting Worse, U.S. Chamber Says

Construction workers

The U.S. Chamber of Commerce characterized the worker shortage as a crisis that is hurting businesses of all sizes and slowing the nation’s economic recovery.

The biggest challenge U.S. businesses currently face is the lack of qualified workers to fill open jobs, according to the Chamber of Commerce’s America Works Report released Tuesday morning. The national Worker Availability Ratio (WAR) — or ratio of number of available workers to number of available jobs — has dropped over the last several months, the report found.

The current WAR is 1.4, meaning for every job opening there are one or two workers available, according to the America Works Report. The historical WAR average over the last 20 years is 2.8.

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Commentary: ‘Follow the Science’ with Dr. Fauci

No matter what we are told by the “experts,” science is constantly evolving and is rarely ever as settled as those in power want us to believe. Doctors are often forced to make consequential decisions and recommendations based on partial or incomplete sets of data and information. Perhaps no one knows this better than Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases.

According to Fauci, it is now safe for schools to reopen. All it took was the passing of President Biden’s “COVID relief bill,” which will likely be signed into law this week. “As we now have the relief bill signed at $1.9 trillion — a lot of that is going into addressing COVID-19 including help to the schools to allow them to more safely bring the kids back,” Fauci said on Monday. Considering that the Congressional Budget Office estimated that 95 percent of the money appropriated from the bill to fund schools will not be spent this year, there was no reason for Fauci to present its passing as a prerequisite for reopening schools — unless of course we fool ourselves into believing that he is motivated by science, and not by whatever the Biden administration tells him to say.

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Analysis: Jobs, Housing Show Recovery Continues

There were only two insightful reports on the economy this past week—for jobs and housing. Both show impressive gains.

Weekly initial unemployment claims fell by 56,000, to 787,000. They are down more than 100,000 from a month ago. There has also been a substantial decline in the insured unemployment rate to 5.7 percent from 8.7 percent a month ago. Also, the number of people receiving unemployment insurance payments fell to 8.4 million; it was 12.6 million a month ago.

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Commentary: 4.4 Million Lose Unemployment Benefits Since August as Pelosi Puts Politics Above People

Small business relief, supporting 5.2 million small businesses and 50 million jobs, ran out on Aug. 8 and airlines ran out of money last month as massive layoffs have been ensuing.

In the meantime, House Speaker Nancy Pelosi (D-Calif.) continues to refuse a deal from President Donald Trump to extend these CARES Act programs — even if it means she loses a few seats in the House over it.

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CVS to Hire 15,000 Employees in Preparation for Flu Season, COVID-19 Vaccine Rollout

CVS Health announced that it would bring on approximately 15,000 additional workers in preparation for the upcoming flu season and an expected rise in coronavirus cases before the distribution of an eventual vaccine.

The hirings will take place before the year’s end, the company said Monday in a statement. Though most of the positions are temporary, many could transition into full-time positions, CVS said.

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661,000 Jobs Added in September, Less Than Expected

The U.S. economy added 661,000 jobs in September, while unemployment fell to 7.9%, according to Department of Labor data released Friday.

Total non-farm payroll employment rose by 661,000 in September, according to the Bureau of Labor Statistics report, and the number of unemployed persons fell by 1 million to 12.6 million.

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New Data Suggest Continued Expansion in the Manufacturing Sector in February

by Robert Hughes   The Manufacturing Purchasing Managers’ Index from the Institute for Supply Management registered a 54.2 percent reading in February, down from 56.6 in January (see top chart). Despite the pullback, the index remains well above neutral, suggesting continued expansion for the manufacturing sector. According to the Institute…

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The Booming Job Market Is Leading Teachers to Quit at Record Levels

by Tim Pearce   Public education employees such as teachers and janitors are quitting jobs in record numbers, an uncommon trend in a profession that often rewards longevity, The Wall Street Journal reported. Many industries in the past year have seen a historically high rate of workers quitting. A tight…

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Commentary: Millions of Americans Would Be Hurt By Bernie Sanders’ War on Walmart

by Amanda Snell   Sen. Bernie Sanders is back again, with yet another attempt to indirectly mandate the $15 an hour minimum wage. It’s called the Stop WALMART Act, or Stop Welfare for Any Large Monopoly Amassing Revenue from Taxpayers Act. It would affect large (500-plus employees) companies, and among…

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‘Don’t Screw Us Over,’ Ohio Workers Warn Candidates

by Ramon Taylor   Brandy Corwin likes that she can now wear makeup and nice clothes to work. That is because she is no longer working on the assembly line at the General Motors plant in Fort Wayne, Indiana. “I was laid off multiple times, and having a family, you can’t…

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Jobless Welfare Claims Near a Five-Decade Low

by Tim Pearce   The number of Americans claiming unemployment insurance fell unexpectedly in late September after economists anticipated destruction from Hurricane Florence to hold claim numbers steady. The number of unemployment filings edged back toward the lowest rate in nearly five decades. The four-week moving average fell to the lowest rate since…

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Commentary: President Trump’s Pro-American Worker Push Makes Labor Day a Time to Celebrate

Tennessee Star

by Jeffery Rendall   Perhaps it’s fitting heading into Labor Day weekend that we should talk about jobs – not necessarily how many Americans have them versus those that don’t and are still searching, but how conditions are improving in the employment market and who’s reaping the benefits. First came…

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Occupational Licensing Reform: A Bipartisan Blueprint for Helping Low-Income Workers

bureaucratic stamps

by Alex Muresianu   A new report from the University of Wisconsin-Madison comparing employment between Minnesota and Wisconsin after Minnesota raised its minimum wage found that Minnesotan workers saw a decline in employment, especially for young, inexperienced, and low-skilled workers, as employment in Wisconsin rose. Despite this evidence reaffirming that the minimum wage can hurt…

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The Left’s Delusions on Economics and the Slow Decline of Human Employment

Steve Gill

During Monday’s broadcast of The Gill Report – live on WETR 92.3 FM in Knoxville – conservative political commentator and Tennessee Star Political Editor Steve Gill questioned whether the left truly understands the dynamics of equality and economics and how mandating the rise of minimum wage may inadvertently deplete a human…

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