According to data from Indeed.com, the number of online job postings dropped 10.6% in December compared with a year earlier. That’s a modest gain from the end of November, when the number of job postings were 11.8% below last year’s trend. The data shows that the hospitality and tourism industries have seen the biggest decline, where posting was down nearly 47%. Manufacturing job postings are well above pre-pandemic levels. In December, the vast majority of job losses occurred in restaurants, travel, hotels, hospitality, airlines, resorts, and related sectors. Job openings in low average-wage industries have recovered most, at 7% below trend vs. 11% for higher-wage occupations, the report shows. However, the U.S economy had regained about half of the 22 million jobs it lost since the onset of the outbreak.
According to The Wall Street Journal report, the U.S is poised to start the 2021 economy by adding more jobs, compared to any other year since the year 1939. Many economists believe that 2021 will be characterized by record job growth. A new data from IHS Markit shows that nonfarm payrolls is expected to rise by 6.7 million by end of this year, but the gains will not be enough to fully offset the losses from the start of the pandemic. Hiring momentum is expected to start slow but hopefully will grow later in 2021, economist predicts. Oxford Economics is forecasting a gain of 5.8 million jobs this year and while University of Michigan economists predict 5.3 million jobs will be added in 2021. The WSJ article states that “All would put 2021 well ahead of the 4.3 million jobs created in 1946, the start of the post-World War II expansion.”
The U.S. economy lost 9.37 million jobs last year — the most in records back to 1939 and surpassing the combined slump in 2008 and 2009 during the Great Recession. The Wall Street Journal reported that December 2020 marked the worst year for American’s job losses as particularly teenagers, Blacks, Hispanics, and high school dropouts have faced a very bad phase. December was the 10th month to report job-cut announcement where half of the layoffs were due to the pandemic. For the year 2020, 2,304,755 layoffs were announced, which is 289% higher compared to 2019. Industries hit hardest by coronavirus in the US last year include restaurants, bars and related businesses — nearly half the jobs were lost, the report shows.
According to the report by the Independent Budget Office, New York City will collect about $11.3 billion less in tax revenue for 2020 through 2023 — less than anticipated, a 4.2 percent revenue shortfall that has tested the city’s ability to meet its mandate to maintain a balanced budget. The pandemic has been marked as a big black mark for New York City’s economic recovery, Fiscal Watchdog Says. The pandemic impacted employment levels, real estate sales and tax revenue that may take more years to come. The jobs lost in Q2 of 2020 were steeper than IBO projected in the spring, with nearly 878,000 jobs lost across all sectors. About 20% of those jobs are recovered in Q3 of 2020, IBO said. And no industry is more impacted than leisure and hospitality, resulting from the COVID-19 shutdown and the subsequent restrictions on dining, the report shows.
According to Refinitiv data, muni bonds for new projects hit $252 billion last year, a modest increase over the year before and the highest level since 2010. The new borrowing has increased the total amount of municipal debt to $3.9 trillion, the highest level since 2013, the Wall Street Journal reports. Despite the increased supply of municipal bonds, investor demand is expected to remain strong. The 10-year yield at 0.68% dropped by about half to 0.68% at the beginning of 2021 from a year earlier, says Mark Heckert, Chief Product Officer at ICE Data Services.
The COVID-19 pandemic has had a devastating impact on retirement savings. More than half of Americans have already raided their retirement savings to pay for short-term expenses or other emergencies. A new survey from Kiplinger’s found that 60% of Americans withdrew money from qualified retirement accounts during the COVID-19 pandemic to cover daily living expenses. Nearly a third said they took out more than $75,000 from the retirement account, while 58% borrowed between $50,000 and $75,000, the survey finds. A third of the survey respondents said they plan to work longer to make up for the hit their savings have taken.
The America-based website BonusFinder, an online gambling site is offering a new job where people watch Netflix and eat pizza and will be paid $500 for watching, according to UPI. The work required seems pretty painless. BonusFinder said it’s seeking a professional binge-watcher to watch and review three series on Netflix while eating. The candidate must be at least 21 years old and people chosen will have to review the series they watch and grade it based on parameters like acting quality, series endings, cheesiness, story, and plot lines and have to do the same for the pizza like judging pizza based on texture, color, topping and whether it’s value for money, according to the company’s website.