What does jobs report mean for recovery?

As the shocking news emerged that the president and first lady tested positive for the coronavirus, some investors may have wondered if this was the “October Surprise” they feared. Presuming that the President recovers, investors are also absorbing the last employment report before the election. The September jobs report showed that the pace of

Jill Schlesinger 

economic progress is slowing down. The economy added a lower than expected 661,000 new positions, the smallest rise since the job recovery began and a significant deceleration from the spring bounce back. (Note: recent announcements of layoffs from large airlines, Disney, publisher Houghton Mifflin, insurer Allstate, and designer Ralph Lauren, were not included in the September report.)

The U.S. now has 10.7 million fewer workers employed than it did in February. To put that into perspective, for the five years starting in 2015 through 2019, the economy added a total of just over 11.6

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Underground insulin exchanges emerge as workers lose jobs amid pandemic, insurance co-pays fall short

DENVER — D.j. Mattern had her Type 1 diabetes under control until COVID-19’s economic upheaval cost her husband his hotel maintenance job and their health coverage. The 42-year-old Denver woman suddenly faced insulin’s exorbitant list price — anywhere from $125 to $450 per vial — just as their household income shrank.

She scrounged extra insulin from friends, and her doctor gave her a couple of samples. But, as she rationed her supplies, her blood sugar rose so high that her glucose monitor couldn’t even register a number. In June, she was hospitalized.

“My blood was too acidic. My system was shutting down. My digestive tract was paralyzed,” Mattern said, after three weeks in the hospital. “I was almost near death.”

So she turned to a growing underground network of people with diabetes who share extra insulin when they have it, free of charge. It wasn’t supposed to be this way,

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Americans need to separate health insurance from our jobs

If we want to radically improve insurance and health care in our country to ensure that every American receives the care they need, we have to be bold. And that begins with divorcing insurance from where we work.

a close up of a person sitting on a chair: Getty Images

© Provided by Boston Herald
Getty Images

Not only would that improve the choices of consumers, but it would also help lower costs and provide more options for people who aren’t covered in the current system. That would empower individuals to choose their health plans according to their needs.


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As of March 2019, the U.S. Census estimates that 91% of the population had health insurance. Nearly one third receive coverage from government health insurance, whether Medicare, Medicaid or state employees. Left out are approximately 29.9 million Americans without health insurance — public, private or otherwise.

The number of uninsured is an important metric because it is the target group for

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U.K. Risks Losing Its Most Robot-Proof Jobs to Covid Crisis

An empty restaurant in Montclair, New Jersey.

Photographer: Gabby Jones/Bloomberg

The U.K. risks losing jobs to the Covid crisis that could be resilient to automation while giving a short-term boost to sectors that have no long-term future.

Jobs in supermarkets, residential care and couriering have all been lifted by the crisis. Yet they face a high risk of replacement by new technology in future, according to a report by the Royal Society for Arts published Monday. That disruption is also being accelerated by the pandemic, it said.

For workers in entertainment and the arts, massive cuts are likely in coming months as the virus keeps venues shuttered. However, the industry faces little destruction from automation and had provided some of the fastest employment growth over the past decade, the analysis found.

Technology could land a second blow to a labor market already reeling from a nationwide lockdown

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Aviation Contractors Axed Jobs as U.S. Delayed Aid, House Panel Finds | Investing News

CHICAGO (Reuters) – U.S. aviation contractors laid off thousands of workers due to delays in payroll aid from the U.S. Treasury that was meant to protect jobs, an investigation by a U.S. House of Representatives subcommittee found.

Under the Coronavirus Aid, Relief and Economic Security Act (CARES Act), companies in the aviation sector were granted funds to cover six months of their payroll as the COVID-19 pandemic prompted a precipitous decline in air travel.

The legislation banned any job cuts through September, and requires the U.S. Department of the Treasury to begin distributing funds to eligible companies within 10 days of the law’s approval on March 27.

But an investigation by the House Select Subcommittee on the Coronavirus Crisis found that top contractors did not receive the money until months later, resulting in more than 16,500 layoffs and furloughs at 15 companies, more than 15% of the aviation contractor workforce.

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CANADA FX DEBT-Canadian dollar, “super-charged” by jobs data, posts 1-month high

(Adds strategist quotes and details throughout; updates prices)

* Canadian dollar rises 0.5% against the greenback

* Canada adds 378,200 jobs in September

* Loonie touches a 1-month high at 1.3111

* Canadian bond yields were mixed across a steeper curve

By Fergal Smith

TORONTO, Oct 9 (Reuters) – The Canadian dollar strengthened
against its U.S. counterpart on Friday to notch its biggest
weekly advance in four months, driven by domestic data showing a
faster pace of job gains and rising hopes of U.S. stimulus that
boosted Wall Street.

Canada added 378,200 jobs in September after an increase of
246,000 in the previous month, handily beating analyst
expectations, as children returned to school and the economy
continued to reopen from coronavirus shutdowns, Statistics
Canada said.

“Accelerating job creation in Canada in September has
super-charged the Canadian dollar” said Michael Goshko,
corporate risk manager at Western Union Business Solutions.

Adding to

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Canada added 378,000 mostly full-time jobs in September as COVID-19 case spike

(Getty Images)
(Getty Images)

Canada’s COVID-19 ravaged economy created 378,000 jobs in September, even as COVID-19 cases surged.

The bulk of them, 334,000, were full-time positions, according to Statistics Canada.

“The surprising advance was also heavily tilted toward the hard-hit services sector (+303K), particularly accommodation and food services, education, and information, culture and recreation, each of which had seen a significant impact from COVID-19,” said CIBC Economist Royce Mendes.

The strong month brings the unemployment rate down to 9 per cent from 10.2 per cent. It also brings the job market to within 720,000 jobs of its February pre-pandemic level.

The number of Canadians who were employed but worked less than half their usual hours due to the pandemic fell by 108,000. Of those who are still working their usual number of hours, work from home fell to 25.6 per cent from 26.4 per cent

Employment among core-aged women (25 to 54

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Jaeger and Peacocks owner on brink of collapse putting 24,000 UK jobs at risk

All stores will continue trading and further details will be announced in due course, the company said, but significant changes are expected. Photo: Keith Mayhew/SOPA Images/LightRocket via Getty
All stores will continue trading and further details will be announced in due course, the company said, but significant changes are expected. Photo: Keith Mayhew/SOPA Images/LightRocket via Getty

High street fashion chain Edinburgh Woollen Mill (EWM) is on the brink of insolvency putting 24,000 jobs at risk.

The company which owns brands Peacocks and Jaeger has filed a notice to appoint administrators to look for potential buyers to shore up the struggling business.

EWM told its staff on Friday that the company had been hit by national and local coronavirus lockdowns.

All stores will continue trading and further details will be announced in due course, the company said, but significant changes are expected.

Insolvency specialists from FRP will spend 10 days carrying out an urgent review ahead of further action.

“Like every retailer, we have found the past seven months extremely difficult,” EWM chief executive, Steve Simpson said. He thanked

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UK government prepares jobs support if firms forced to close

LONDON (AP) — The British government is on Friday set to announce further support for companies to retain staff in the coming months if they are forced to close as a result of new lockdown restrictions.

With the government likely to tighten restrictions on public life over the coming days to deal with a sharp spike in new coronavirus infections, there are growing concerns that the economy will take a new hit and hundreds of thousands of jobs may be lost.

Treasury chief Rishi Sunak said he understood how “people are worried about the coming winter months.”

He is being urged by businesses, politicians and unions to ensure that firms can survive any further lockdown measures and prevent mass unemployment. Specifically, he is being urged to back local job retention programs, whereby the government steps in to pay the lion’s share of the salaries of workers who are forced to

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IBM lifts stocks as stimulus, jobs in focus

Stock futures rose Thursday morning after the debate between Vice President Mike Pence and Sen. Kamala Harris took place Wednesday night without a hitch and increased optimism surrounding additional fiscal stimulus.

Dow futures rose 208 points, a gain of 0.74%, while contracts for the NASDAQ Composite and S&P 500 both added to Wednesday’s gains, adding 0.68% and 0.54%, respectively.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 28303.46 +530.70 +1.91%
I:COMP NASDAQ COMPOSITE INDEX 11364.598929 +210.00 +1.88%
SP500 S&P 500 3419.45 +58.50 +1.74%
Ticker Security Last Change Change %

IBM said on Thursday it would spin off its managed infrastructure services unit into a newly public traded company, as the tech services giant continues to focus on its hybrid cloud business.


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