Study finds 44% of U.S. unemployment applicants have been denied or are still waiting

What it’s like being unemployed because of coronavirus

Since early March, over 36 million Americans have filed for unemployment due to the coronavirus crisis, marking the biggest spike in unemployment in U.S. history.

In response to these claims, states have paid a record $48 billion in unemployment benefits to people out of work but several recent studies have found that this total could have been much higher.

According to an analysis by One Fair Wage, a nonprofit organization that advocates for restaurant workers, only 56% of those who have applied for unemployment insurance are receiving benefits, meaning about 44% have been denied or are still waiting.

To be sure, states are dealing with an unprecedented volume of unemployment applicants, causing delays. Additionally, it is possible that some people have filed incorrectly, but advocates and experts are increasingly calling attention to workers who are being left out.

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These 3 charts reveal the state of the economy

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Australian think-tank the Grattan Institute has released three new trackers, or charts, that offer an up-to-date glance at what the economy looks like right now.

The Morrison government has thrown the kitchen sink at the domestic economy, with $320 billion in stimulus measures designed to cushion the damage.

The Grattan Institute’s charts are regularly updated with the latest statistics to form a quick view of how many jobs have been lost and where, the number of businesses that have been affected, and how consumers are feeling.

The impact of Covid-19 to the Australian economy has been described as the worst since the Great Depression by both the RBA Governor Philip Lowe and the Grattan Institute in a separate report.

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The official jobless numbers are horrifying. The real situation is even worse.

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The record unemployment numbers only hint at the crisis facing many with no work.

The shutdown of much of the service economy—think restaurants, hotels, and retail stores—in an attempt to slow down the spread of the coronavirus is sending the US toward a deep recession. It isn’t a question of “if.” It’s a question of how deep it will get, how long it will last, and perhaps most important, who will be hit hardest by this devastating downturn.

This week the Labor Department announced that a jaw-dropping 3.3 million people filed jobless claims; the previous weekly record was 695,000, in 1982. As bad as that number is, though, it greatly understates the crisis, since it doesn’t take into account many part-time, self-employed, and gig workers who are also losing work.

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120 million workers will need to be retrained due to AI, says IBM study

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The skills gap is widening between people and AI.

But many CEOs tell IBM they don’t have the resources needed to close the skills gap brought on by emerging technologies.

Artificial Intelligence is apparently ready to get to work. Over the next three years, as many as 120 million workers from the world’s 12 largest economies may need to be retrained because of advances in artificial intelligence and intelligent automation, according to a study released Friday by IBM’s Institute for Business Value. However, less than half of CEOs surveyed by IBM said they had the resources needed to close the skills gap brought on by these new technologies.

“Organizations are facing mounting concerns over the widening skills gap and tightened labor markets with the potential to impact their futures as well as worldwide economies,” said Amy Wright, a managing partner for IBM Talent & Transformation, in a release. “Yet while executives recognize severity of the problem, half of those surveyed admit that they do not have any skills development strategies in place to address their largest gaps.”

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Survey: These college majors were just named most and least valuable

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New Bankrate research shows that Actuarial Science is “the most valuable” major you can study in college out of 162 total, with a whopping average income of $108,658 to go along with an unemployment rate of only 2.3%.

Wondering how the site arrived at these results? The methodology was multi-layered, but the company evaluated the latest information featured in the U.S. Census Bureau American Community Survey, among other points. The majors had “labor forces of at least 15,000 people,” and the number of grads with “a higher degree” was also considered.

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With many college graduates unemployed or underemployed, is college worth it?

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Many college graduates are unemployed or underemployed, leading some to speculate whether college is worth it, in our post-2008/2009 slow growth recovery.  Is some of the planning for college just plain wrong?  How does the future look for millions of unprepared, untrained, or misdirected job seekers?   Continue reading… “With many college graduates unemployed or underemployed, is college worth it?”

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By 2025 autonomous cars could eliminate millions of jobs and reshape our economy

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Most people, including experts, think that with the large hurdles that exist for widespread adoption, the transition to driverless vehicles will come slowly over the coming few decades.  This could be a significant underestimation.   Continue reading… “By 2025 autonomous cars could eliminate millions of jobs and reshape our economy”

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Technological Unemployment and our Need for Micro Colleges

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Futurist Thomas Frey: Business owners today are actively deciding whether their next hire should be a person or a machine. After all, machines can work in the dark and don’t come with decades of HR case law requiring time off for holidays, personal illness, excessive overtime, chronic stress or anxiety.

 

 

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The Shrinking Income of Young Americans

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American families are grappling with stagnant wage growth, as the costs of health care, education, and housing continue to climb. But for many of America’s younger workers, “stagnant” wages shouldn’t sound so bad. In fact, they might sound like a massive raise.

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25 signs that the global economy is broken and obsolete

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By Adam Riva: The global economy and any form of government that utilizes it are inherently obsolete and structurally unsound. They cannot be “fixed” because their very underpinning is a mishmash of competition, hierarchy, fractional reserve banking, and fiat currency – all operating under scarcity, coercion, inequality, and varying forms and degrees of economic slavery. We must stop trying to patch the tire and replace it altogether. We are long overdue for a true revolution in the monetary sector of society.

 

 

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