•   
  •   
  •   

Opinion Job market remains grim even as U.S. tentatively reopens

23:44  22 may  2020
23:44  22 may  2020 Source:   ap.org

Coronavirus: Saudi Arabia reopens its mosques for Friday prayers

 Coronavirus: Saudi Arabia reopens its mosques for Friday prayers SANTE-CORONAVIRUS-ARABIA-SAOUDITE-MOSQUES: Coronavirus: Saudi Arabia reopens its mosques for Friday prayers © Reuters / Ahmed Yosri CORONAVIRUS: L SAUDI ARABIA OPENS ITS MOSQUES FOR FRIDAY PRAYERS DUBAI (Reuters) - Saudi Arabia has authorized the reopening of mosques for Friday prayers, Saudi national television reported on Tuesday, citing the Ministry of Islamic Affairs.

WASHINGTON (AP) — Signs of renewed business activity are surfacing across the country as states gradually reopen economies and some businesses call a portion of their laid-off staffers back to work. Yet with millions more Americans seeking unemployment aid last week, the U.S. job market remains as bleak as it's been in decades.

A woman looks at signs at a store closed due to COVID-19 in Niles, Ill., Wednesday, May 13, 2020. (AP Photo/Nam Y. Huh) © Provided by Associated Press A woman looks at signs at a store closed due to COVID-19 in Niles, Ill., Wednesday, May 13, 2020. (AP Photo/Nam Y. Huh)

More than 2.4 million laid-off workers filed for jobless benefits last week, the government said Thursday, the ninth straight week of outsize figures since the viral outbreak forced millions of businesses to closer their doors and shrink their workforces.

Deconfinement: Italy reopens its cafes, shops and churches

 Deconfinement: Italy reopens its cafes, shops and churches Closed since March 10, the famous St. Peter's Basilica, the heart of the Vatican, was disinfected at the end of the week and reopens its doors to visitors in the morning. © AFP The Italians were out on Sunday, notably in Rome on the Pinicio terrace in front of the Villa Borghese park. Symbol that the country is beginning to find a relative normality , Saint Peter's Basilica in Rome reopens on Monday to the public.

And while the number of weekly applications has slowed for seven straight weeks, they remain immense by any historical standard — roughly 10 times the typical figure that prevailed before the virus struck. Nearly 39 million people have applied for benefits since mid-March.

“There is little evidence that the reopening of the economy has, as yet, led to any sudden snap back in employment," said Paul Ashworth, an economist at Capital Economics.

Nearly half of Americans say that either their incomes have declined or they live with an adult who has lost pay through a job loss or reduced hours, the Census Bureau said in survey data released Wednesday. More than one-fifth of Americans had little or no confidence in their ability to pay the next month’s rent or mortgage on time, the survey found.

Paris: the Beaugrenelle shopping center reopens this Wednesday

 Paris: the Beaugrenelle shopping center reopens this Wednesday © LP / Sarah Andersen Paris (15th). The Beaugrenelle shopping center reopens this Wednesday. The Beaugrenelle district (15th) has been timidly reviving since last week, with the reopening of the shops on rue Linois (15th), with draconian health security measures. This Wednesday it is in the Panoramic and Magnetic poles of the Beaugrenelle shopping center that activity resumes, after two months of stoppage.

Most economists and business leaders say the lifting of restrictions on business activity won't likely be enough to spur significant hiring in the weeks and months ahead. Surveys suggest that consumers will remain wary of shopping, traveling, eating out or congregating in large groups until a vaccine is available or they're otherwise confident they can avoid infection.

For now, workers who do return to their jobs expect far fewer customers.

On Tuesday, Phillip Skunza will be back at his job as a waiter and bartender at the Happy Greek restaurant in Columbus, Ohio. Skunza had been laid off in mid-March after the state shuttered all restaurants and bars.

Skunza said his employer expects sales to reach maybe half their pre-virus level. The restaurant has reduced tables and cut barstools from 10 to four. Skunza, 52, expects to bring home only about 50% of what he made before because of fewer tips.

Icardi-Cavani, exchange of good processes?

 Icardi-Cavani, exchange of good processes? © Provided by Sports.fr Edinson Cavani and Mauro Icardi Negotiations are progressing between PSG and Inter regarding the Mauro Icardi case. The fate of Edinson Cavani may well be linked to this matter. It’s a certainty, PSG wants to exercise the option it has on Mauro Icardi. With 20 goals in 31 matches in all competitions, the Argentinian has conquered his new club and is clearly at ease there.

'When you’re making anywhere between $300 to $500 a week, and that gets cut down to $150 to $250 a week, that’s going to be an issue,” he said.

He said that he’s hopeful of keeping his job and that as business picks up during summer, more workers can be rehired.

During April, U.S. employers shed 20 million jobs, eliminating a decade’s worth of job growth in a single month. The unemployment rate reached 14.7%, the highest since the Depression. Millions of other people who were out of work weren’t counted as unemployed because they didn’t look for a new job. Federal Reserve Chair Jerome Powell has said he expects the rate will peak at 20% to 25% in May or June.

An additional 1.2 million people sought aid last week under a new federal program for self-employed, contractor and gig workers, who are now eligible for jobless aid for the first time. (These figures aren’t adjusted for seasonal variations, so the government doesn’t include them in the overall number.)

China, the original epicenter of the pandemic, has reopened earlier. Yet ts experience has been mixed. Some employees have returned to factories, restaurants and shops, which are open but with few customers. Movie theaters, gyms and bars are closed.

OM: the direction fixes 2 departures in priority

 OM: the direction fixes 2 departures in priority Olympique de Marseille is getting ready to experience a very hectic summer transfer window. 2 players would have already been placed on the transfer market. © Supplied by Football 365 The loss of coolness of Eyraud and Desplat After its internal turmoil, Olympique de Marseille will get to the heart of the matter.

Fitch Ratings estimates that up to 30% of China’s urban workers lost jobs at least temporarily in the first quarter. Another wave of job cuts is possible as global demand for China’s exports weakens.

Some economists see tentative signs that U.S. economic activity is starting to recover, if only slightly, now that all states have moved toward relaxing some restrictions on movement and commerce.

Data from Apple’s mapping service shows that more people are driving and searching for directions. Restaurant reservations have risen modestly in states that have been open longer, according to the app OpenTable. But those numbers are still far below pre-virus levels. In South Carolina, one of the earliest states to reopen, reservations have increased but are still down nearly 69% from a year ago.

In most industries, employees are working more hours than in mid-April, the peak of the virus-related shutdowns nationwide. Data from Kronos, a workforce management software company, shows that shifts worked at its 30,000 client firms are up 16% since then but still down 25% from pre-virus levels.

Even in states that have been reopened the longest, like Georgia, not enough shoppers are visiting stores and restaurants to support significant rehiring, said David Gilbertson, an executive at Kronos.

Over 10,500 points: DAX settles in the profit zone

 Over 10,500 points: DAX settles in the profit zone On Friday the German stock market is initially on the up. © Provided by Finanz.net GmbH Thomas Lohnes / Getty Images The DAX entered the market with an increase of 1.56 percent at 10,470.85 points and remains at a high level. The German stock market barometer is currently gaining 1.74 percent to 10,516.59 points.

“Our data is suggesting this recovery is going to take a while,” Gilbertson said.

Jimmy Page, a small business owner in San Diego, is a bit more optimistic now than he was two months ago. Page, who owns a digital marketing company, Inseev Interactive, has added back five of the 12 employees he laid off when the coronavirus hit. A loan from the government's small business lending program helped, he said.

Revenue has slightly increased this month, Page said, compared with April, a faster rebound than he expected. If he can get his company's sales back to pre-virus targets by fall or winter, he may look to hire more.

"The reality is that it has stabilized,” Page said. “It seems everything is going in the right direction.”

Still, major employers continue to announce significant job cuts. Uber said this week that it will lay off 3,000 employees, on top of 3,700 it has already cut. Vice, a TV and digital news organization tailored for younger people, has announced 155 layoffs globally.

Digital publishers Quartz and BuzzFeed, magazine giant Conde Nast and the company that owns the business-focused The Economist magazine have also announced job cuts.

The depth of the layoffs vary sharply from state to state. Nearly one-third of Washington state's workforce has been approved to receive jobless aid, according to the government's data, the highest proportion of any state. Second-highest is in Nevada, where one-quarter of the state's workers have been approved, followed by Oregon and Florida.

Yet in 14 states, fewer than 10% of workers are receiving benefits. In Utah and South Dakota, it's just 6%, the smallest proportion, followed by Nebraska and Wyoming.

__

AP Writers Joyce Rosenberg in New York, Henry Kurz in Richmond, Andrew Welsh-Huggins in Columbus, Ohio, and Joe McDonald and Wayne Zhang in Beijing contributed to this report.

The daily balance of the coronavirus remains stable in Italy .
SANT-CORONAVIRUS-ITALY-BALANCE SHEET: The daily balance of the coronavirus remains stable in Italy © Reuters / Alberto Lingria THE DAILY BALANCE OF THE CORONAVIRUS REMAINS STABLE IN ITALY ROME (Reuters) - The daily number of deaths related to the coronavirus remained stable Thursday in Italy, with 156 deaths counted in the space of 24 hours against 162 and 161 in the two previous days, announced the Italian Civil Protection Agency.

—   Share news in the SOC. Networks
usr: 0
This is interesting!