Bloomberg, Jed Kolko, Lisa Abramowitz discussed on Bloomberg Daybreak
The Corona virus pandemic is a public health crisis. And an economic crisis felt by millions across the country. But the pain hasn't been distributed equally. The youngest members of the workforce have borne the brunt of the fallout and could face permanent damage. It's the subject of a Bloomberg television Special Report airing this week. Generation interrupted, hosted by Lisa Abramowitz and Lisa joins us Now, with the third installment of a five part Bloomberg Radio series on the matter, Lisa Nathan. The recovery in the labor market has been slow. You see it in the jobs numbers and also in data on jobs postings. I spoke with Jed Kolko, chief economist for the job listing sight indeed. We see in terms of job postings that they're down almost 20% to where they were last year, especially in a lot of the sectors where young people, especially young graduates often look for their first jobs. College graduates tend to gravitate to positions and industries like tech or finance. And that's where Jed Kolko seeing some of the biggest downward trends. Girls sit down significantly in shop like marketing in accounting. These air sectors that college grads often look to for their first job, and those are sectors were hard really has slowed the sectors where hiring his fingers strong our goods related sectors construction, driving retail warehouse jobs because they support the state home economy. But they tend to hire fewer college grads, and they don't tend to be the sectors that young college grads look at first and for college grads. Those jobs also tend to pay less. There is a silver lining, though, for those outside of metro areas like New York, indeed, seeing an increase in big city companies that are considering remote workers to fill positions. At the same time, Koko says it could be harder for college grads to move up in the ranks without the benefit of office culture or face time. With their higher ups. They shift work has lots of advantages. Opening up our attorneys, people who might not live where certain kinds of jobs are. They can offer flexibility for people who have lots of responsibilities outside of work. But I do think it creates challenges for younger people who might not know their organizational culture or have the same kinds of networks as older workers have. And even if remote working phase in some of the biggest cities, it looks like offices won't be as full as they were before the pandemic data from indeed Shou San Francisco, New York, Boston and Washington, D. C near the top of the list for cities with the largest decline and jobless things from the same time last year. For more on the pandemics. Impact on young workers joined me on Friday at 7 P.m. eastern for a Bloomberg television Special report. Generation interrupted and tune in tomorrow at the same time for part four of our Bloomberg Radio Siri's in New York on Lisa Abramowitz Bloomberg Radio. Nikolay says some other stories we're following this morning a major takeover in the gambling industry. Caesar's entertainment has agreed to by Britain's William Hill for $3.7 billion. Shares of Micron Technology are down nearly 5% in early trading. The largest U. S chip maker says it has now halted shipments to China SWAT away its biggest customer. Micron also cut capital spending plans warned about weaker demand forecast possible oversupply. American and United Airlines are among seven carriers taking federal loans to help stay afloat. Those loans Air captain $7.5 billion. Each company's accepting loans are required to put.