3 Burst results for "Euler Hermes"
All Things Considered
With the COVID Relief Bill Signed Yellen Turns Focus on Unemployment
"The big relief bill is signed now begins the sales pitch. The president and vice president and various and sundry Cabinet members are traveling or otherwise making the rounds, making their case among them. Treasury Secretary Janet Yellen, which is where we come in. Yellen said on ABC over the weekend that she is hopeful will be back near full employment next year. Back near is the operative phrase there because it had been widely assumed we were at full employment. Before everything fell apart. 3.5%, if you remember was the unemployment rate in February of 2020. So with everything in the past year in this economy What you suppose full employment's gonna look like now and more to the point water policy makers at the Fed and Treasury going to do about it if and when we get there, Marketplaces Mitchell Hartman starts us off. Full employment is a perfect sweet spot for the economy. Thea unemployment rate is as low as it can get, without employers having to bid up wages through the roof to get the workers they need. Everyone who wants a job can get one and inflation doesn't soar out of control, Dean Baker at the Center for Economic and Policy Research, says. In the past, policymakers have often put the brakes on before we got to full employment. But, he says in this recovery from massive pandemic job loss, they seem to be following a more ambitious unemployment script. They really do want to press the economy to see how low we could go. That likely means getting headline unemployment down to 3.5% again. But economist Mark Paul at New College of Florida says policymakers will also try to get other measures of worker to stress and financial hardship. Down. This means looking at unemployment rates for certain groups that have traditionally been stigmatized in the labor market. Such a black workers who tend to experience unemployment rates twice that of white workers. Black unemployment is up 4% in the pandemic. For White Americans. It's up just 2.5% and many more women with kids at home have dropped out of the labor force than men. Now, job creation is accelerating, and it's likely to continue with new government stimulus. Covad cases down and vaccination up Economist Damn north at credit insurer Euler Hermes North America says the economy has a lot of ground to make up. He estimates at least 30% of small businesses have folded. New businesses are going to start up, but it will take a wild probably T O late, 2022 early 2023 to get all the jobs back. And to get back to a full employment economy. I'm Mitchell Hartman for
Marketplace with Kai Ryssdal
What full employment means in a pandemic-ravaged economy
"The bigger relief bill is signed now begins the sales pitch the president and vice president in various and sundry cabinet members are travelling or otherwise making the rounds making their case among them treasury secretary. Janet yellen which is where we come in yellen said on. Abc over the weekend that she is hopeful will be back near full employment. Next year back here is the operative phrase there because it had been widely assumed we were at full employment before everything fell apart three and a half percent. If you're a member of the unemployment rate in february of twenty twenty so with everything in the past year in this economy what are you suppose. Full employment is gonna look like now and more to the point water policy makers at the fed and treasury gonna do about it. If and when we get there marketplace's mitchell hartman starts us off. Full employment is a perfect sweet spot for the economy. The unemployment rate is as low as it can get without employers having to bid up wages through the roof to get the workers. They need everyone who wants a job can get one and inflation doesn't sore out of control dean baker at the center for economic and policy research says in the past policy makers of often put the brakes on before we got two full employment but he says in this recovery from massive pandemic job loss. They seem to be following a more ambitious on employment script. They really do want impress the economy to see how low we could go. That likely means getting headline unemployment. Down to three and a half percent again but economists mark paul at new college of florida. Says policymakers will also try to get other measures of worker to stress and financial hardship down. This means looking at unemployment rates for certain groups that have traditionally been stigmatized in the labor market. Such as black workers who tend to experience isn't rates whites that of white workers. Black unemployment is up four percent in the pandemic for white americans. It's up just two and a half percent and many more women with kids at home have dropped out of the labor force than men now. Job creation is accelerating and it's likely to continue with new stimulus covid cases down and vaccination up economists dam north at credit insurer euler hermes north america says the economy has a lot of ground to make up. He estimates at least thirty percent of small businesses have folded. New businesses are going to start up but it will take wild probably too late. Twenty twenty two early twenty twenty three to get all the jobs back and to get back to a full employment
Marketplace with Kai Ryssdal
Delaying COVID-19 relief could do lasting damage
"We are not going to hazard a guess here about what is going to happen with negotiations on an economic relief bill the negotiations that the president shutdown yesterday afternoon, and then tried to restart piecemeal. Last night what we are going to do is deal the facts as we have them now, which is that there are no negotiations and as far as anybody knows, there is no help coming for this economy till after the election and maybe longer. So that being case two stories today on that topic, and then a political insight marketplace's Mitchell Hartman gets going with story number one the. Big Picture. Back, in March Washington sent three trillion dollars coursing through the economy's veins. One of the biggest infusions was six hundred dollars a week in extra unemployment payments to more than twenty million jobless Americans that expired midsummer and George Washington University economist J Shamba says the amount of cash going out to laid off workers cratered it fell from one hundred, ten, July two, thirty, four, million dollars in September. So there's this massive drop off to the economy and also to the most vulnerable households those twelve hundred dollar relief checks from the spring have been spent with most of the federal pandemic relief now gone. Slowing retail sales and personal spending Joseph Bruce. RSM Consulting says. A quarter of small businesses have closed. He predicts without more federal support including lending to small businesses more will fail and state and local governments won't be able to keep teachers and other essential workers on the payroll says Michael. `grats. At Columbia Law School. The loss of civil service jobs will disproportionately affect minority because they've been hired into those jobs. Bottom Line says Dan North at credit insurer, Euler Hermes, North America. Okay. Let's say we don't have a stimulus package. The economy gets pretty severely damaged in the short term probably for five years to get back on. The burden falling to families that are running out of time and money says Columbia's Michael `grats people are facing eviction. Difficulty paying for food and lodging. This is a desperate situation. One that the chaos in Washington isn't making any