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10 hours ago | CNBC
Retail sales unexpectedly rise 0.7% in August vs. expected decline of 0.8%
Retail sales post a surprise gain in August despite fears that escalating Covid cases and supply chain issues would hold back consumers, the Census Bureau reported Thursday.Sales increased 0.7% for the month against the Dow Jones estimate of a decline of 0.8%.A separate economic report showed that weekly jobless claims increased to 332,000 for the week ended Sept. 11, according to the Labor Department. The Dow Jones estimate was for 320,000.This is breaking news. Please check back here for updates.Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today.
Sep 15, 2021 | The Conversation
South Africa’s labour market trends from 2009 to 2019: a lost decade?
Unemployment remains one of South Africa’s most pressing economic and social challenges. Over the past two decades it has also proved to be one of the country’s most intractable policy challenges. A plethora of policies and interventions have failed to make a difference.The initial post-apartheid period saw significant growth in employment. But since 2009 employment growth has slowed and both the unemployment level and rate have increased substantially. According to the recently released 2021 second quarter Quarterly Labour Force Survey data, the unemployment level went up to 7.83 million and the unemployment rate rose to 34.4%. This was the highest since the introduction of the survey in 2008.
Sep 14, 2021 | The Conversation
Why unemployment can feel worse when there is less of it around
Unemployment levels will be an important test of the economic impact of COVID-19. Some sectors have seen employees furloughed en masse, and the longer-term effect on businesses could mean that many lose their jobs permanently. Aside from causing financial difficulties, unemployment can take its toll emotionally and psychologically. Research my colleague and I conducted suggests that the negative effect on mental wellbeing varies depending on where you live.
Sep 13, 2021 | The Conversation
Work as we knew it has changed. Time to think beyond the wage
When people hear of ‘work’, it is usually waged or salaried employment. Governments and commentators rarely speak of the work of hustling, child-rearing or subsistence farming. Instead, work is generally referred to in the narrowly economic and legal sense as non-domestic, legally codified, paid employment.Yet this model of work is the global exception. Wage employment was invented by European states in the 18th and 19th centuries to generate an industrial workforce. It later provided social protections such as sick pay, holidays and pensions to groups of predominantly able-bodied white male workers through what became known as the ‘standard employment relationship’. But this relationship was only ever available to a minority of people outside Western Europe and North America.
Sep 09, 2021 | The Conversation
Unemployment and conflict: how COVID-19 has affected women in Morocco
Across the world, COVID-19 has completely disrupted lives. This includes the activities and social affairs within households. I wanted to explore how exactly it had affected gender roles, and the relationship between women and men, within households in Morocco. Morocco is basically a patriarchal society – laws codifying gender relations are based fundamentally on the supremacy of the male head of the family, considered the main provider and decision maker. Women’s lives, choices and mobility are controlled by the male members of their families.
Sep 07, 2021 | CNBC
August U.S. jobs data could push Fed tapering to next year: Strategist
Juan Aronna of RBC Wealth Management says the Fed will continue to remain accommodative even as it embarks on tapering.
Sep 07, 2021 | CNBC
Here are the names that could benefit as special unemployment payments end
Justin Post, Bank of America Securities, joins 'Power Lunch' to discuss the stocks that could soar as unemployment benefits end.
Sep 07, 2021 | The Conversation
Understanding Ghana’s students is key to fixing the country
A great many African countries had shown steady economic growth in the decade prior to the onset of the COVID-19 pandemic. But all have failed to adequately create opportunities for the young people in their countries. With growing youth populations, creating paths for education and employment is a make or break issue for the continent.But there’s also good news. Many young people are getting access to secondary education and an increasing number also university education. An increasing share of youth in Africa are university students, 9% in 2018.
Sep 06, 2021 | The Conversation
Yes, adult literacy should be improved. But governments can make their messages easier to read right now
A parliamentary inquiry is looking into how to improve adult literacy in Australia.Having a low level of literacy is not the same thing as being illiterate. The definition of “illiterate” is the inability to read or write. A low level of literacy is more complex and relates to people’s abilities to read, write and understand a range of information that allows them to fully participation in society.
Sep 03, 2021 | CNBC
How the August jobs report could affect your portfolio
Margaret Vitrano, the Clearbridge Investments Large Cap Growth Fund portfolio manager, and Ron Insana, Schroders North America, joins 'Power Lunch to discuss the state of the markets after August's weak jobs data.
Sep 03, 2021 | CNBC
Markets lower after August jobs disappointment — Five experts on what's next
The August jobs report came in weaker than expected. Economists forecasted employment data to match the previous robust recovery, but delta variant concerns and labor supply issues dampened the optimism. Here are five experts on what this means for the Federal Reserve's tapering timeline and the U.S.'s economic recovery in the months to come.
Sep 03, 2021 | CNBC
Black unemployment rises in August jobs report despite more job seekers
The miss on the headline jobs numbers was disappointing enough, but the August 2021 jobs report showed that Black workers are facing an even bigger struggle to find employment compared with job seekers of other races.Employers only added 235,000 payrolls last month, far fewer than the 720,000 expected. The unemployment rate dropped to 5.2% from 5.4%, in line with estimates.But the rate of unemployment among Black workers rose in August to 8.8% from 8.2% in July. The white unemployment rate, meanwhile, fell to 4.5% from 4.8% and the Asian unemployment rate dropped to 4.6% from 5.3%.The unemployment rate for Hispanic and Latino workers inched lower to 6.4% from 6.6%.A majority of economists and President Joe Biden pointed to the growing number of cases of the Covid-19 delta variant for sluggish overall job numbers. Experts have also pointed to a retreat in consumer confidence for the slowdown in hiring.
Sep 03, 2021 | CNBC
Here's where the jobs are — in one chart
The hiring blitz at bars, restaurants and hotels came to an abrupt halt in August as more Covid-19 cases and a scarcity of willing workers kept employers from adding to payrolls.The broad leisure and hospitality sector, which includes restaurants and lodging, added a net of zero jobs last month. That's a remarkable stop to a sector that had jumped by an average 350,000 per month over the prior six months.A closer look within the sector shows a loss of 42,000 jobs in food services and drinking places offset by a gain of 36,000 jobs in arts, entertainment and recreation.The headline numbers from the August jobs report showed the U.S. economy added just 235,000 jobs last month, well short of the 720,000 expected. The unemployment rate fell from 5.4% to 5.2%. CNBC studied the net changes by industry for August jobs based on data contained in the government's employment report.
Sep 03, 2021 | CNBC
August jobs report shows nonfarm payrolls increase 235,000 vs. 720,000 estimate
CNBC's Rick Santelli breaks down the August jobs report.
Sep 03, 2021 | CNBC
Op-ed: Weighing the options to continue or end expanded unemployment benefits
The response to Covid-19 has marked a historic expansion in the size and coverage of government support for people experiencing unemployment.As we near the end of expanded federal unemployment insurance benefits, state governors now face a choice of whether to continue them. To that point, the Biden administration urged states with high unemployment to use American Rescue Plan funds to continue unemployment assistance to workers past Sept. 6.So, what are the pros and cons of expanded UI benefits for American households?Expanded UI benefits during Covid-19 prevented spending declines for the majority of people who lost their jobs, providing valuable support to the economy as overall demand was contracting sharply. Despite sweeping changes in daily life, UI boosted demand even when the bulk of the population — those still employed — cut spending and increased savings.
Sep 02, 2021 | CNBC
Fed pullback could happen later half of 2021, says Randy Kroszner
Randy Kroszner, former Fed governor and current University of Chicago booth school of business professor, joins 'Power Lunch' to discuss how important August's jobs report will be to the Federal Reserve's plan for the economy and what the numbers will say about the strength of the labor market.
Sep 02, 2021 | CNBC
Labor market still leans in workers' favor
Evan Sohn, chairman and CEO of recruiter.com, joins The Exchange to discuss the August jobs report and how the expiration of federal enhanced unemployment benefits next week will affect the labor market.
Sep 02, 2021 | CNBC
Pandemic super benefits set to end holiday weekend
CNBC's Steve Liesman reports on what the end of benefits could mean for the economy and labor market.
Sep 02, 2021 | CNBC
Jobless claims total 340,000, the lowest level since March 2020
Initial filings for unemployment insurance fell last week to their lowest levels since March 2020 in another sign that the labor market is gradually improving from the Covid-19 era, the Labor Department reported Thursday.First-time jobless claims totaled 340,000 for the week ended August 28, compared with the 345,000 Dow Jones estimate. That is the lowest level for initial claims since March 14, 2020 when first-time claims totaled 256,000, just before the coronavirus pandemic caused a historic rush to unemployment benefits.The previous week's level of initial claims was revised up by 1,000 from 353,000 to 354,000.The level of continuing claims, the measure of ongoing benefits, was 2.75 million, a decrease of 160,000 from the previous week's revised level. The decrease in the number of continuing claims also represents the lowest level for insured unemployment since the Covid era began.
Sep 01, 2021 | CNBC
The Fed will ease into tapering, which could take 'about a year': S&P
Paul Gruenwald of S&P Global Ratings explains what the U.S. infrastructure package means for economic and labor growth in the medium term, and why it should be viewed separately from what the Federal Reserve could do in relation to tapering.
Sep 01, 2021 | CNBC
Number of worker shifts falls in August as delta variant weighs on small businesses
There were fewer small businesses open and hourly employees working in August relative to July, indicating that the Covid-19 delta variant may be dampening the U.S. economic recovery, according to data from Homebase, which supplies employee scheduling software to employers.The number of employees working dropped 4% in mid-August versus mid-July, according to Homebase, which analyzed trends among roughly 60,000 businesses and 1 million hourly employees. The share of businesses with their doors open also fell 2.5% over that period.More from Personal Finance: What Social Security funds' new depletion dates could mean for benefits How to invest with the environment in mind How retirement plan tax breaks may widen racial wealth gaps
Sep 01, 2021 | The Conversation
Diagnoses of doom mask denial about real problems facing South Africa
To understand South Africa today, we need to recognise that people can focus endlessly on a country’s problems but still live in a state of denial.Hand-wringing about problems which are said to spell the doom of South Africa’s negotiated democracy is a well-established custom. It began only months after the first election in which all adults could vote in 1994. It has become louder over the past decade and dominates the national debate, which is the preserve of the minority who enjoy access to media.
Aug 26, 2021 | CNBC
Pandemic pushes search for remote jobs up 460%
Interest in working remotely has surged during the Covid-19 pandemic and is lingering even as the economy reopens, a new study suggests.The share of online job searches for remote positions jumped 460% in the two years between June 2019 and June 2021, according to an analysis published Monday by job site Glassdoor. That bump isn't siloed in a handful of occupations, but is widespread across a host of different jobs.Interest in remote work appears to have leveled off in recent months but remains elevated, according to Glassdoor data, even as health restrictions lift and businesses reopen their physical space for in-person work.More from Personal Finance: 55% of Americans anticipate looking for a new job Chances are your tax preparer isn't regulated Roughly 40% of Americans don't understand 401(k) fees
Aug 22, 2021 | The Conversation
Seeking jobs abroad isn’t an option for young Nigerians: they don’t have the right skills
Nigeria is sitting on a demographic goldmine which could transform the economy. About 60% of Nigeria’s 200 million people are under the age of 25, and that number is expected to increase significantly by 2050. Instead of being an asset, the country’s burgeoning youth population has become an albatross. It poses risks for the economy and social cohesion. Among Nigeria’s economic challenges, youth unemployment remains the most formidable. The World Bank estimates Nigeria’s youth unemployment at 17.7% in 2019 compared with 10.8% for Africa. Nigeria’s youth unemployment rate is double the national rate of unemployment.
Aug 19, 2021 | CNBC
States can pay unemployment benefits past Sept. 6 using pandemic funds, officials say
States can pay benefits to the unemployed past a looming Sept. 6 expiration date using pandemic funds that Congress previously allocated to state and local governments, Labor and Treasury Department officials said Thursday.The American Rescue Plan, passed in March, extended pandemic-era unemployment benefits to Labor Day. More than 11 million jobless workers are poised to lose income support or see their aid reduced by $300 a week.But it may make sense for jobless workers to continue getting income support past Sept. 6 in states where unemployment remains high, Treasury Secretary Janet Yellen and Labor Secretary Marty Walsh wrote Thursday in a letter to the heads of the Senate Finance and House Ways and Means Committees.
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