U.S. jobless claims jumped to a record 6.6 million last week. swahapattanaik wrote yesterday that the flexibility of the U.S. labour market may turn out to be a handicap in a virus-induced crash.
The European Commission on April 1 proposed a short-time work scheme modelled on Germany's Kurzarbeit programme to help people keep their jobs as the coronavirus pandemic hits economies across the 27-nation European Union. Under the German scheme, the government pays part of a worker's wages when companies cut their hours to prevent employees losing their jobs altogether.
The ADP National Employment Report on April 1 indicated that U.S. private payrolls fell by 27,000 jobs last month, the first decline since September 2017, after advancing by a revised 179,000 in February. Establishments were surveyed in mid-March, before many states and local governments ordered residents to stay at home unless on essential business.
Initial claims for U.S. unemployment benefits soared to a seasonally adjusted 3.3 million in the week ending March 21, eclipsing the previous record of 695,000 set in 1982, the Labor Department said on March 26.
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