Employment
Chair Jerome H. Powell: A Current Assessment of the Response to the Economic Fallout of this Historic Event
Payrolls have now recovered roughly half of the 22 million decline. After rising to 14.7 percent in April, the unemployment rate is back to 7.9 percent ... A broader measure that better captures current labor market conditions — by adjusting for mistaken characterizations of job status, and for the decline in labor force participation since February — is running around 11 percent...The initial job losses fell most heavily on lower-wage workers in service industries facing the public — job categories in which minorities and women are overrepresented... Combined with the disproportionate effects of COVID on communities of color, and the overwhelming burden of childcare during quarantine and distance learning, which has fallen mostly on women, the pandemic is further widening divides in wealth and economic mobility. more »
Federal Reserve: Optimism in the Time of COVID; Businesses Seem Much Better Adapted to Remaining Open
Turning now to the labor market, unemployment was still at 8.4 percent in August and the labor force participation rate still down significantly from February. The extraordinary package of fiscal support in the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) helped to support household incomes and to offset the effect of the huge job losses in March and April. But the act's unemployment provisions have expired, and most of the businesses that received Paycheck Protection Program (PPP) loans report that they have exhausted those funds.4 In addition, one area where increased understanding of the disease has, in many places, not led to general changes in practice is in the widespread school closures this fall. Many parents with children will be forced to work less, or not at all, which is going to be a hardship for them and weigh on the economy. So, I agree with Chair Powell that it will take continued support to sustain a robust recovery. more »
Ruth Bader Ginsburg's Partial Remarks at the University of Buffalo, August 26, 2019: "If I am notorious, it is because I had the good fortune to be alive and a lawyer in the late 1960s"
"At a reception some years ago, a college student asked if I could help her with an assignment. She had one question and hoped to compose a paper by asking diverse people to respond. What, she asked, did I think was the largest problem for the 21st century. My mind raced passed privacy concerns in the electronic age, terrorist threats, deadly weapons, fierce partisan divisions in our legislatures and polity. I thought of Thurgood Marshall’s praise of the evolution of our Constitution’s opening words, 'We, the people,' to embrace once excluded, ignored, or undervalued people — people held in human bondage, Native Americans, women, even men who owned no real property. I thought next of our nation’s motto: E Pluribus Unum, of many, one. The challenge is to make or keep our communities places where we can tolerate, even celebrate, our differences, while pulling together for the common good. 'Of many, one' is the main aspiration, I believe; it is my hope for our country and world." more »
WWII, People's War, An Archive of of World War II Memories, Written by the Public, Gathered by the BBC: Women's Volunteer Groups
In 1938, with the outbreak of World War II looking more and more likely, the Home Secretary Sir Samuel Hoare decided to establish a women's voluntary organisation to assist in the event of possible future air attacks. On 16 May, the Women's Voluntary Service for Air Raid Precautions (WVS) was founded. When war broke out in September 1939, the WVS already had 165,000 members. Their work quickly diversified into helping in all areas of the Home Front, and their name was soon changed to the WVS for Civil Defence. Women could also volunteer to work for the Navy, Army and Air Force Institutes, known as the NAAFI. This had been founded in 1921 to sell goods to servicemen and their families, and to run recreational establishments for the armed forces. The NAAFI grew quickly during World War Two, at its largest running 10,000 outlets, including 900 mobile shops. more »