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What does jobs report mean for recovery?

October 12, 2020

As the shocking news emerged that the president and first lady tested positive for the coronavirus, some investors may have wondered if this was the “October Surprise” they feared. Presuming that the President recovers, investors are also absorbing the last employment report before the election. The September jobs report showed that the pace of

economic progress is slowing down. The economy added a lower than expected 661,000 new positions, the smallest rise since the job recovery began and a significant deceleration from the spring bounce back. (Note: recent announcements of layoffs from large airlines, Disney, publisher Houghton Mifflin, insurer Allstate, and designer Ralph Lauren, were not included in the September report.)

The U.S. now has 10.7 million fewer workers employed than it did in February. To put that into perspective, for the five years starting in 2015 through 2019, the economy added a total of just over 11.6

Underground insulin exchanges emerge as workers lose jobs amid pandemic, insurance co-pays fall short

October 12, 2020

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DENVER — D.j. Mattern had her Type 1 diabetes under control until COVID-19’s economic upheaval cost her husband his hotel maintenance job and their health coverage. The 42-year-old Denver woman suddenly faced insulin’s exorbitant list price — anywhere from $125 to $450 per vial — just as their household income shrank.

She scrounged extra insulin from friends, and her doctor gave her a couple of samples. But, as she rationed her supplies, her blood sugar rose so high that her glucose monitor couldn’t even register a number. In June, she was hospitalized.

“My blood was too acidic. My system was shutting down. My digestive tract was paralyzed,” Mattern said, after three weeks in the hospital. “I was almost near death.”

So she turned to a growing underground network of people with diabetes who share extra insulin when they have it, free of charge. It wasn’t supposed to be this way,

Americans need to separate health insurance from our jobs

October 12, 2020

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If we want to radically improve insurance and health care in our country to ensure that every American receives the care they need, we have to be bold. And that begins with divorcing insurance from where we work.

a close up of a person sitting on a chair: Getty Images

© Provided by Boston Herald
Getty Images

Not only would that improve the choices of consumers, but it would also help lower costs and provide more options for people who aren’t covered in the current system. That would empower individuals to choose their health plans according to their needs.

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As of March 2019, the U.S. Census estimates that 91% of the population had health insurance. Nearly one third receive coverage from government health insurance, whether Medicare, Medicaid or state employees. Left out are approximately 29.9 million Americans without health insurance — public, private or otherwise.

The number of uninsured is an important metric because it is the target group for

Aviation Contractors Axed Jobs as U.S. Delayed Aid, House Panel Finds | Investing News

October 10, 2020

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CHICAGO (Reuters) – U.S. aviation contractors laid off thousands of workers due to delays in payroll aid from the U.S. Treasury that was meant to protect jobs, an investigation by a U.S. House of Representatives subcommittee found.

Under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), companies in the aviation sector were granted funds to cover six months of their payroll as the COVID-19 pandemic prompted a precipitous decline in air travel.

The legislation banned any job cuts through September, and requires the U.S. Department of the Treasury to begin distributing funds to eligible companies within 10 days of the law’s approval on March 27.

But an investigation by the House Select Subcommittee on the Coronavirus Crisis found that top contractors did not receive the money until months later, resulting in more than 16,500 layoffs and furloughs at 15 companies, more than 15% of the aviation contractor workforce.

CANADA FX DEBT-Canadian dollar, “super-charged” by jobs data, posts 1-month high

October 9, 2020

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(Adds strategist quotes and details throughout; updates prices)

* Canadian dollar rises 0.5% against the greenback

* Canada adds 378,200 jobs in September

* Loonie touches a 1-month high at 1.3111

* Canadian bond yields were mixed across a steeper curve

By Fergal Smith

TORONTO, Oct 9 (Reuters) – The Canadian dollar strengthened
against its U.S. counterpart on Friday to notch its biggest
weekly advance in four months, driven by domestic data showing a
faster pace of job gains and rising hopes of U.S. stimulus that
boosted Wall Street.

Canada added 378,200 jobs in September after an increase of
246,000 in the previous month, handily beating analyst
expectations, as children returned to school and the economy
continued to reopen from coronavirus shutdowns, Statistics
Canada said.

“Accelerating job creation in Canada in September has
super-charged the Canadian dollar” said Michael Goshko,
corporate risk manager at Western Union Business Solutions.

Adding to

Canada added 378,000 mostly full-time jobs in September as COVID-19 case spike

October 9, 2020

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Canada’s COVID-19 ravaged economy created 378,000 jobs in September, even as COVID-19 cases surged.

The bulk of them, 334,000, were full-time positions, according to Statistics Canada.

“The surprising advance was also heavily tilted toward the hard-hit services sector (+303K), particularly accommodation and food services, education, and information, culture and recreation, each of which had seen a significant impact from COVID-19,” said CIBC Economist Royce Mendes.

The strong month brings the unemployment rate down to 9 per cent from 10.2 per cent. It also brings the job market to within 720,000 jobs of its February pre-pandemic level.

The number of Canadians who were employed but worked less than half their usual hours due to the pandemic fell by 108,000. Of those who are still working their usual number of hours, work from home fell to 25.6 per cent from 26.4 per cent

Employment among core-aged women (25 to 54

Canada’s Tim Hortons UK expansion to create 2,000 jobs

October 9, 2020

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Tim Hortons, famous for its coffee, doughnuts and sandwich wraps has 23 locations in the UK after it first launched in 2017. Photos: Getty

Canadian chain Tim Hortons is planning an expansion in the UK that will create about 2,000 jobs.

Despite, seeing a collapse in sales, the company known for its coffee and doughnuts, is hoping to capitalise on the rising demand for drive-through dining brought on by the coronavirus pandemic.

Tim Hortons said it will open drive-outlets in “every major city and town” over the next two years, starting with Milton Keynes.

Chief commercial officer of Tim Hortons UK and Ireland, Kevin Hydes, told the Telegraph: “Despite challenging times for the sector, our drive-thru and flagship locations have delivered exceptional performance and our model is proving to be well attuned to the evolving needs of customers at this time.”

The brand, owned by fast food giant Restaurant Brands

Dow Climbs 100 Points, Stocks Post Minor Gains Despite Another Worse-Than-Expected Jobs Report

October 8, 2020

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Topline

Shares of IBM and Regeneron Pharmaceuticals helped buoy major indexes on Thursday, but the broader market remained tepid as jobless claims continue to paint a grim picture of the economic recovery and uncertainty over coronavirus relief remains.

US STOCKS — New York Stock Exchange.

© 2016 Bloomberg Finance LP

Key Facts

The Dow Jones Industrial Average was up roughly 100 points, or .4%, and S&P 500 up .6% shortly after the open, while the tech-heavy Nasdaq also climbed up .6%.

Data on jobless claims released Thursday morning revealed that 840,000 Americans filed new unemployment claims last week, more than the 820,000 new claims economists were forecasting and just slightly less than the 849,000 new claims filed in the previous week.

IBM shares are surging 8% after the firm announced plans to spin off its IT infrastructure unit into a new public company so that the blue-chip tech firm can focus on the

The Finance 202: Pence, Harris trade jabs over jobs and taxes at economics-heavy debate

October 8, 2020

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The event offered far more substance than the shout-fest between the candidates at the top of the ticket last week. The debate also featured a number of claims about the two sides’ respective economic records that stretched the truth or outright snapped it. Here’s a look at where Pence and Harris collided on taxes, the economic recovery and manufacturing jobs.

Harris pledged Joe Biden would repeal Trump’s tax cuts immediately; Pence said all Americans would see a tax hike.

Harris was repeating a claim the Democratic nominee himself has made to explain how he would pay, in part, for some $7.3 trillion in proposed spending on new stimulus, infrastructure projects and social safety net programs.

“On Day One, Joe Biden will repeal that tax bill,” Harris said of Trump’s signature tax cut that heavily benefitted corporations and the wealthy. “He’ll get rid of it, and what he’ll do with

Exclusive: Chevron workers face demands to reapply for jobs under global restructuring – sources

October 8, 2020

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By Jennifer Hiller, Devika Krishna Kumar

The logo of Chevron is seen at the company’s office in Caracas, Venezuela April 25, 2018. REUTERS/Marco Bello/Files

HOUSTON/NEW YORK (Reuters) – Chevron Corp employees worldwide are being asked to reapply for positions as part of a cost-cutting program expected to eliminate up to 15% of its workforce, people familiar with the matter said.

The No. 2 U.S. oil producer has begun taking steps to streamline its organization this year to reduce costs and revive declining profits. Oil companies have posted huge losses on asset writedowns and slashed spending as economic downturns caused by the COVID-19 pandemic undercut fuel demand.

Employees who are not chosen for jobs should know within weeks, Chief Executive Michael Wirth said in an interview on Monday. He did not discuss how cuts would be decided nor how many employees were asked to reapply for positions.

The company took a