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Patrick Hill: Job Churn Creates Massive Economic Uncertainty – Investment Watch


Job Churn Creates Massive Economic Uncertainty
“Shocks in the initial months of the pandemic may have permanently destroyed a large share of employer-worker matches, many of which may have been highly productive,” Because highly productive matches are costly to find, the economic disruption induced by Covid-19 may have induced persistent reductions in productivity and employment.”
Alexander Bick – Arizona State University & Adam Blandin – Virginia Commonwealth University
The pandemic triggered a shock to both supply and demand in the economy. Management had no choice when lockdowns spread across the country but to lay off workers and ask those still working to work from home.  As a result, millions of workers were either permanently or temporally laid off. Laid-off workers reflected on the job they lost and whether they wanted to return to the same position even if it offered again.  While working from home, information services employees had time to evalua ....

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RVA restaurant of 19 years cuts hours amid worker shortage: 'It's unbelievable'


RVA restaurant of 19 years cuts hours amid worker shortage: It s unbelievable
On Wednesday, the Virginia Workforce Connection showed more than 544,000 jobs available in Virginia.
and last updated 2021-05-27 10:09:47-04
RICHMOND, Va. For over 19 years, Family Secrets Restaurant Owner, Reginald Littleton has served up fresh plates for Richmonders. However, the once lively restaurant now keeps its doors closed, sticking strictly to catering and take-out, just the latest casualty in a state and nationwide worker shortage.
Most of the time we’ve got more and more people looking for jobs. Now we got more and more jobs looking for people, said Littleton. ....

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One in three U.S. workers changed or lost jobs in last year


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Millions of workers who lost their jobs in the spring of 2020 were back at work in March this year, and the paper implies that the recovery is largely due to people finding new jobs, rather returning to their old employers.
“Shocks in the initial months of the pandemic may have permanently destroyed a large share of employer-worker matches, many of which may have been highly productive,” the authors wrote. “Because highly productive matches are costly to find, the economic disruption induced by COVID-19 may have induced persistent reductions in productivity and employment.”
For people who had been at their job for less than two years before the pandemic, the churn was much higher, according to the study. Almost 62% had separated from their workplaces a year later, versus about 16% for those who had been employed by the same firm for at least a decade. ....

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Labor shortage spurs a rush to get Americans back to work


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Labor shortage spurs a rush to get Americans back to work
At least a dozen states are cutting off jobless benefits and some companies are raising wages in an attempt to boost hiring.
People stand in line, resumes in hand, while waiting to apply for jobs during an outdoor hiring event for the Circa resort and casino on April 27, 2021 in Las Vegas.
| AP Photo/John Locher
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Federal and state officials, who spent the last year trying to keep Americans safe in their homes during the pandemic, are suddenly grappling with the opposite problem: how to lure them back to work. ....

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