unemployment
Low US Weekly Jobless Claims, Solid Consumer Spending Showcase Economy’s Strength
October 31, 2024
By Lucia Mutikani WASHINGTON (Reuters) -The number of Americans filing new applications for unemployment benefits fell to a five-month low last week and consumer spending increased more than expected in September, showcasing the economy's strength heading into the final stretch of 2024 and just days before next Tuesday's presidential election. Though prices pushed higher last month, inflation is firmly on a downward trend, with other data on Thursday showing labor costs posting their smallest gain in more than three years in the third quarter. The data likely keeps the Federal Reserve on track to cut interest rates next week and possibl...
The Role of Unemployment Benefits in the Current Labor Shortage
Dr. Yong Chen | April 12, 2022
By Dr. Yong Chen An analysis of why and how Covid-related unemployment benefits may have impacted the current labor shortage. What role do loss aversion and behavioral economics play in how a worker considers losing benefits vs. gaining a job? Labor shortage despite available jobs As Covid-19 cases in the United States started subsiding in the first half of 2021, the economy did not recover as fast as had been expected. There have been widespread reports about labor shortages in the U.S. since last April. The reason for the rising unemployment though is anything but a lack of jobs. According to the U.S. Bure...
The Hotel Industry Has a Labor Problem. Here’s How to Solve It.
HotStats | May 13, 2021
If you hadn’t heard, hotels are facing a labor crisis. After major furloughs and layoffs last year due to the pandemic, properties now need to staff up to be prepared for the return of business. But they are facing a drought of workers, which some call the worst recruiting climate in the industry’s history. Making conditions even more challenging is the fact that the dearth of prospective employees could be attributed to several factors, and it’s unclear which ones are the biggest obstacles. These include immigration issues, specifically over H-2B visas, which, in the U.S., the Biden Administration is addressing, unemployment insura...
Analysis: Leisure & Hospitality Unemployment Double the National Average
U.S. Travel Association | December 7, 2020
WASHINGTON (December 7, 2020)—The latest unemployment figures prepared for the U.S. Travel Association by Tourism Economics paint a dire picture: the travel-dependent Leisure & Hospitality industry is suffering from a 15% unemployment rate—nearly double the national level. Any early signs of a modest recovery for the sector—which accounted for 11% of all pre-pandemic employment in the U.S. yet has suffered 35% of all pandemic-related job losses—have been effectively extinguished. The Leisure & Hospitality industry resurged slightly in September with 413,000 new jobs, but declined precipitously over the past three months, a...
U.S. Travel’s Roger Dow on VP’s Tourism Panel
The U.S. Travel Association | May 21, 2020
ORLANDO (May 21, 2020)—U.S. Travel Association President and CEO Roger Dow and other industry leaders met with Vice President Mike Pence Wednesday at a roundtable on the hard-hit travel and tourism sector, afterward expressing appreciation for the vice president's attentiveness to the industry's concerns and needs. The latest data shows that travel-related unemployment in the U.S. is now at 51%—more than double the worst national unemployment rate recorded during the Great Depression (25%). "It's a difficult time in every corner of the country, but the pandemic has been particularly dire for the American travel industry, which befor...
