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Hiring Soared in May as Mass Layoffs Eased

Business David 3months ago (07-07) 39Views

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Analysis Stealthily, surreptitiously, and with sweeping precision, the Chinese Communist Party (CCP) launched a decades-long war against America for world domination utilizing a military strategy known as “unrestricted warfare” that continues today. Unbeknownst to most of the population, the CCP infiltrated nearly every major avenue of life in the United States—leaving virtually no industry untouched. While this threat has largely existed undetected, the impact it has had on the nation, as well as the geopolitical consequences, are far reaching. Skirting the traditional, direct military confrontation offensives that have became somewhat outdated in modern times, this unconventional strategy has become central to the communist regime’s approach to warfare. The strategy is highlighted in the 1999 book “Unrestricted Warfare,” authored by two Chinese air force colonels—Qiao Liang and Wang Xiangsui—and published by…

Hiring Soared in May as Mass Layoffs Eased

WASHINGTON鈥擳he job market took a big step toward healing in May, though plenty of damage remains, as a record level of hiring followed record layoffs in March and April.

The Labor Department reported Tuesday that the number of available jobs rose sharply as well, but remained far below pre-pandemic levels.

The figures, from the government’s Job Openings and Labor Turnover survey (pdf), or JOLTS, illustrate the whiplash the economy has experienced since the pandemic intensified in mid-March. Layoffs soared in March to a stunning 11.5 million, roughly four times the peak during the 2008-2009 recession. They remained extraordinarily high in April, at 7.7 million, but in May they fell back to pre-pandemic levels of 1.8 million.

Hiring, meanwhile, plunged in April to 4 million, the lowest level since 2011, but jumped to 6.5 million in May. While that is the most hires on record dating back to 2000, it wasn’t nearly enough to offset the roughly 19 million layoffs in March and April.

Hiring Soared in May as Mass Layoffs Eased A man walks by a career center storefront in Lawrence, Mass., on June 5, 2020. (Elise Amendola/AP Photo)

And whatever ground has been recaptured to this point is now being imperiled by a resurgence of COVID-19 cases throughout the South and West. Despite a solid rebound in employment, the job market remains badly damaged, both by mandatory lockdowns and the reluctance of people to again visit restaurants, theaters, or to travel freely, at least until a vaccine or an effective treatment for the virus is available.

The JOLTS report provides gross totals of hiring and layoffs, while the monthly jobs report, which also includes the unemployment rate, is a net figure of total jobs gained or lost.

On Thursday, the jobs report showed that employers added a net total of 4.8 million jobs in June, after a gain of 2.7 million in May. Even those huge net gains recaptured only one-third of jobs lost in March and April and the unemployment rate is 11.1 percent, down from its April and May levels but otherwise higher than at any time since the Depression.

Employers advertised 5.4 million jobs in May, about 10 percent higher than in April, but still below pre-pandemic levels of about 7 million.

By Christopher Rugaber

Focus News: Hiring Soared in May as Mass Layoffs Eased

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