A new study suggests that the child tax credit (CTC) is not reducing overall employment nationwide but is driving some low and middle-income parents away from their private sector jobs and toward self-employment.
The study, led by researchers at the Washington University in St. Louis’ Social Policy Institute and Appalachian State University and provided exclusively to the Daily Caller News Foundation, found that the monthly payments had barely any impact on the job market whatsoever, contradicting concerns that the tax credits would worsen the labor shortage. It also found that adults were far less likely to list child care as a reason for unemployment, with the share of people saying so dropping from 26% to below 20% once they began receiving the payments.
The U.S. economy added 210,000 jobs in November, marking nearly the lowest number of jobs created in a month since President Joe Biden took office in January.
November’s jobs report was well below economists’ estimate of 573,000, according to CNBC. Additionally, unemployment fell to 4.2% from October’s 4.6% figure, according to the Bureau of Labor Statistics (BLS).
The U.S. economy, still recovering from the COVID-19 pandemic but now subject to uncertainty related to the Omicron coronavirus variant, appeared to slow in momentum in November, The Wall Street Journal reported.
The Biden administration has finally published its anticipated ultimatum threatening companies like mine with severe fines and penalties for not firing any employee who declines to be vaccinated against or submit to invasive weekly testing for COVID-19. The new rule promulgated by the U.S. Labor Department’s Occupational Safety and Health Administration (OSHA) under the guise of workplace safety may well bankrupt the business my father founded. So, as the CEO of the Phillips Manufacturing & Tower Company, I am joining with The Buckeye Institute to challenge OSHA’s vaccine mandate in court. Here’s why.
Phillips is a 54-year-old company based in Shelby, Ohio, that manufactures specialty welded steel tubing for automotive, appliance, and construction industries. OSHA’s emergency rule applies to companies with 100 or more employees — at our Shelby Welded Tube facility, we employ 104 people. As a family-owned business I take the health of my workers seriously — they are my neighbors and my friends. When I heard of the mandate, we conducted a survey of our workers to see what the impacts would be. It revealed that 28 Phillips employees are fully vaccinated, while antibody testing conducted at company expense found that another 16 employees have tested positive for COVID-19 antibodies and likely possess natural immunity. At least 47 employees have indicated that they have not and will not be vaccinated. Seventeen of those 47 unvaccinated workers said that they would quit or be fired before complying with the vaccine or testing mandate. Those are 17 skilled workers that Phillips cannot afford to lose.
Perhaps the Biden administration remains unaware of the labor shortage currently plaguing the U.S. labor market generally and industrial manufacturing especially. Like many companies, Phillips is already understaffed, with seven job openings we have been unable to fill. Employees already work overtime to keep pace with customer demand, working 10-hour shifts, six days a week on average. Firing 17 veteran members of the Phillips team certainly won’t help.
There are 10.4 million job openings in the U.S., the Department of Labor said Friday, a figure that’s well above the number of unemployed Americans.
“Job openings increased in health care and social assistance (+141,000); state and local government, excluding education (+114,000); wholesale trade (+51,000); and information (+51,000),” the Bureau of Labor Statistics said. “Job openings decreased in state and local government education (-114,000); other services (-104,000); real estate and rental and leasing (-65,000); and educational services (-45,000).”
A record 4.4 million people quit their jobs in September, and job openings remained near a record high as labor shortages continue throughout the country.
Roughly 3.0% of U.S. workers left their jobs in September, a jump from August, when 4.3 million people left the workforce, according to a Bureau of Labor Statistics (BLS) report released Friday. The number of job openings remained near its August level of 10.4 million.
The U..S. economy recorded an increase of 531,000 jobs in October, and unemployment fell by 0.2% as the labor market recovers from the summer lows, according to the U.S. Bureau of Labor Statistics (BLS).
The number of unemployed people fell to 7.4 million, down from 7.7 million in September, according to the BLS report released Friday. Economists surveyed by Dow Jones projected 450,000 jobs would be added in October.
While unemployment claims continue to fall, the country still struggles with labor shortages, supply chain issues and growing inflation. Job growth was widespread throughout the economy in October, with leisure and hospitality adding 164,000 jobs, professional and business adding 100,000 and manufacturing adding 60,000 jobs, according to the BLS report.
U.S. consumer spending growth slowed in September, and income dropped due to high COVID-19 cases, supply shortages, rising inflation, and ending unemployment benefits.
Consumer spending increased 0.6% in September, down from a 1% jump in August, the Commerce Department announced Friday. Personal income fell 1% in September, driven by a 72% drop in unemployment insurance benefits that offset a 0.7% spike in wages and benefits, according to The Wall Street Journal.
Economists polled by Reuters projected a 0.5% in consumer spending. Delta variant cases peaked in the middle of September, and the continued supply chain backups have caused shortages and rising prices, making it harder for consumers to purchase their desired goods, the WSJ reported.
More than 100% of private sector jobs in Arizona have been recovered since the beginning of the COVID-19 pandemic, according to the August employment report.
The Arizona Office of Economic Opportunity report showed that Arizona has recovered 325,500 private-sector jobs since April 2020, representing 101% of private-sector jobs lost.
Between July and August, Arizona’s unemployment fell by about 13,000 people. The unemployment rate dropped from 6.6% to 6.2%, marking the largest rate decline of the year.
Debate over the welfare state is once again making headlines. On Monday, the expanded unemployment welfare system was finally allowed to expire after more than a year. Originally created as a “short-term” measure authorized for a few months in March 2020 then repeatedly extended, these benefits paid many of the unemployed more than their former jobs, with benefits reaching up to $25/hour in dozens of states.
Dozens of Republican-led states chose to end the benefits early. This week’s termination of enhanced benefits was in the Democrat-run states that maintained the expanded payouts, and with their lapse, the debate over whether these benefits were disincentivizing work was reignited.
While the unemployment rate for Americans dropped in August, there is a political time bomb buried in the statistics for President Joe Biden and a Democratic Party increasingly focused on equity: black joblessness shot up significantly.
In other words, the president who fondly boasts of a domestic policy promising to leave nobody behind has an economic recovery that is leaving a key Democratic constituency in worse shape.
“The rise in black unemployment in August is certainly troubling, considering their unemployment rates were already much higher than any other group,” Elise Gould, a senior economist at the Economic Policy Institute, said on Twitter.
The number of Americans filing new unemployment claims decreased to 340,000 in the week ending Aug. 28, as the economy continues to slowly recover from the coronavirus pandemic.
The Bureau of Labor Statistics figure released Thursday represents a slight decrease in the number of new jobless claims compared to the week ending Aug. 21, when 354,000 new jobless claims were reported. That figure was revised from the 353,000 jobless claims initially reported last week.
Arizona taxpayers who received unemployment benefits in 2020 and filed their state tax return before the American Rescue Plan Act (ARP) was enacted on March 11 can receive a new income tax refund.
That’s according to a Thursday announcement from the Arizona Department of Revenue.
Congress passed the ARP to give communities money to address public health and economic recovery issues which resulted from the COVID-19 pandemic.
The Biden administration signaled to Capitol Hill lawmakers Thursday that it will not support an extension of pandemic-related unemployment benefits.
President Joe Biden won’t advocate for an extension of the $300 unemployment bonus given to millions of out-of-work Americans on a weekly basis, Treasury Secretary Janet Yellen and Labor Secretary Marty Walsh wrote in a letter to Senate Finance Committee Chair Ron Wyden and House Ways and Means Committee Chair Richard Neal. The Federal Pandemic Unemployment Compensation (FPUC) program, which was implemented in March 2020 and extended by Democrats’ recent American Rescue Plan, is set to expire in early September.
“As President Biden has said, the boost was always intended to be temporary and it is appropriate for that benefit boost to expire,” the secretaries wrote.
The latest federal jobs report shows a dip in new unemployment claims, but those figures still remain higher than pre-pandemic levels.
The Department of Labor reported Thursday that 348,000 Americans filed for first-time unemployment benefits last week, a decrease of 29,000 from the previous week. That number is the lowest since March 2020.
Americans are growing angrier by the day in a way different from prior sagebrush revolts such as the 1960s Silent Majority or Tea Party furor of over a decade ago.
The rage at the current status quo this time is not just fueled by conservatives. For the first time in their lives, all Americans of all classes and races are starting to fear a self-created apocalypse that threatens their families’ safety and the American way of life.
A new report from the Arizona Legislature’s Joint Legislative Budget Committee shows Arizona is in great economic condition, breaking records. Revenues from taxes are high or better than projected, with significant gains expected in the future, and personal income is growing at the fastest pace since 1985. It comes after Arizona passed historic tax cuts, reducing the personal income tax to the lowest flat tax in the country at 2.5%. However, some of the rosy picture is due to COVID-19 relief.
Governor Doug Ducey issued a statement about the report, “It paints a picture of a state economy that has emerged from the COVID-19 pandemic not only in great shape, but poised to achieve even greater accomplishments in the years ahead. The ‘extraordinary growth’ Arizona saw in Fiscal Year 2021 is positive news for every Arizonan. We are leading the way in the nation’s economic recovery.”
When I went to pick up my laundry last week, one of the employees, who had just finished folding my clothes, began weeping. “This is the last load I’ll ever do here,” she said in a choked voice. “They’re letting us all go.”
That one little stifled sob described more than just one woman bemoaning the loss of her job. In it was the relentless cry of the average American who is increasingly crushed by the ignorance of our elites.
Recent Bureau of Labor Statistics data revealed that the nation hit a record high for job openings in April of 2021, yet employers around America are not receiving enough job applications to fill their available positions.
Though the Bureau of Labor counted 9.3 million job openings in June, the unemployment rate remains at 5.8%, notwithstanding the millions of Americans not seeking employment.
Express Employment Professionals, a staffing agency, suggested in a press release that stimulus payments, unemployment benefits, and recent tax refunds are deterring job applications as those on the hunt for employment have the option to hold out for jobs which meet their demands and goals.
U.S. News & World Report issued its list this week of the annual best places to live, and Phoenix came in at No. 40 of the 150 most populous metro areas. The city jumped up 13 places from last year. The report emphasized Phoenix’s relatively low cost of living, warm weather, and thriving job market. The rankings are based on quality of life, job market, value of living, and desire of people to live there.
Phoenix may have scored well this year due to a stable economy. Devon Thorsby, real estate editor at U.S. News, said in a news release, “It shouldn’t be a surprise that many metro areas that saw unemployment levels skyrocket in 2020 fell in the rankings, but those with greater employment stability tended to fare well.”
The number of Americans filing new unemployment claims increased to 373,000 last week as the economy continues to recover from the coronavirus pandemic, according to the Department of Labor.
The Bureau of Labor and Statistics figure released Thursday represented a slight increase in the number of new jobless claims compared to the week ending June 26, when 371,000 new jobless claims were reported. That number was revised up from the 364,000 jobless claims initially reported last week.
Economists expected Thursday’s jobless claims number to come in around 350,000, The Wall Street Journal reported.
A new report shows states that decided to turn away federal unemployment benefits have seen a drop in unemployment.
The Biden administration pushed through a $1.9 trillion COVID-19 relief bill earlier this year that included extending $300 weekly unemployment benefits for Americans in addition to unemployment benefits already provided by the states.
Louisiana will be the first Democratic-controlled state to roll back its $300 a week unemployment benefits enacted by federal programs.
Gov. John Bel Edwards signed the bill Wednesday that stops the weekly payments on July 31, but raises Louisiana’s maximum jobless benefits to $275, starting in 2022, according to the legislation.
Louisiana is joined by 25 other Republican led states that have prematurely slashed the weekly pandemic benefits from the $1.9 trillion American Rescue Plan, which were not set to expire until Sept. 6, 2021. Jobless claims were up 412,000 last week, according to the Department of Labor.
Four states will be cutting pandemic unemployment increases three months early, ending the supplemental $300 in federal aid.
Alaska, Iowa, Missouri, and Mississippi will end pandemic-related unemployment relief on June 12. An additional 21 Republican-led states will slash federal aid before it expires on Sept. 6, according to Business Insider.
Conservatives continue to advocate an end to the increased benefits, saying they are no longer needed now that the pandemic is contained and speculating that the high payouts are discouraging would-be workers from returning.
Relative to the national trend, job searches temporarily increased in states that have announced they will no longer offer the pandemic-related federal unemployment boost, an economic report showed.
In states that are withdrawing from the federal unemployment program, interest in job postings increased 5%, according to the report released Thursday by job listings site Indeed. The increase was relative to a national average recorded during the final two weeks of April, before Republican governors began canceling the federal benefit.
“In May, job search activity on Indeed increased, relative to the national trend, in states that announced they would end federal [unemployment] benefits prematurely,” the Indeed report said.
It’s no secret that US businesses are struggling to find workers. Recent surveys have shown that small businesses are reporting record job openings.
Many have described the phenomenon as a labor shortage.
“Walk outside: labor shortage is the pervasive phenomenon,” economist Lawrence Summers recently observed at a conference hosted by the Federal Reserve Bank of Atlanta.
The states of South Carolina and Montana have both decided in recent days to put an end to their handouts of federal unemployment benefits as a result of the coronavirus pandemic, in an effort to encourage residents to return to the workforce, as per CNN.
Montana Governor Greg Gianforte (R-Mont.) said in his announcement that “incentives matter, and the vast expansion of federal unemployment benefits is now doing more harm than good. We need to incentivize Montanans to return to the workforce.” Instead, Governor Gianforte announced that the state government will be providing $1,200 checks as bonuses to every citizen who returns to work, using the state’s share of the recent $1.9 trillion stimulus package to pay for it.
In South Carolina, Governor Henry McMaster (R-S.C.) announced on Thursday that the state would be ending their share of federal unemployment benefits, since “what was intended to be a short-term financial assistance for the vulnerable and displaced during the height of the pandemic has turned into a dangerous federal entitlement, incentivizing and paying workers to stay at home rather than encouraging them to return to the workplace.”
The U.S. economy reported an increase of 266,000 jobs in April and the unemployment rate rose slightly to 6.1%, according to Department of Labor data released Friday.
Total non-farm payroll employment increased by 266,000 in April, according to the Bureau of Labor Statistics (BLS) report, and the number of unemployed persons ticked up to 9.8 million. Economists projected a million Americans would be added to payrolls prior to Friday’s report, according to The Wall Street Journal.
“The pieces are really coming together for a burst in activity,” Sarah House, senior economist for Wells Fargo’s Corporate and Investment Bank, told the WSJ. “We’re expecting to see the labor market recovery shift into an even faster gear with the April jobs report.”