COVID-19: 255 Million Full-Time Workers Lost Jobs In 2020 – UN

File photo of United Nations Secretary-General, Antonio Guterres  (Photo by Angela Weiss / AFP)

 

The United Nations has said that 255 million full-time workers lost their jobs in 2020 due to the coronavirus pandemic.

In a statement issued on Tuesday, the UN Secretary-General, Antonio Guterres, called for accelerated action on jobs and social protection to avoid an uneven global recovery and prevent future crises.

Worried about the situation and to avoid further loss of jobs, the UN chief will convene leaders today to mobilise action.

“An estimated 8.8 per cent of total working hours – equivalent to the hours worked in one year by 255 million full-time workers – were lost in 2020,” he said.

“Because of the pandemic, there are an estimated 75 million fewer jobs in 2021 than there were before the crisis, and 23 million fewer projected in 2022. This corresponds to a loss of US$3.3 trillion in labour income before government support.”

To achieve a job-rich recovery and a just transition to a sustainable and inclusive economy, Guterres called for a “global accelerator for jobs and social protection that would create at least 400 million jobs and extend social protection to 4 billion women, men and children currently without coverage.”

“To achieve this goal, the policy brief entitled “Investing in Jobs and Social Protection for Poverty Eradication and a Sustainable Recovery” recommends several actions:

“Develop integrated national and inclusive recovery strategies for decent job creation, especially in the care and green sectors, universal social protection, and a just transition, and ensure they are aligned with macro-economic and fiscal policies and underpinned by sound data.

“Expand investment in Social Protection Floors as a percentage of GDP in national budgets. Design policy measures to extend social protection to workers in the informal economy, and to foster the progressive formalization of enterprises and employment, including in the care economy”, The statement added.

See the full statement issued by the United Nations below:

UN Secretary-General calls for accelerated action on jobs and social protection to avoid an uneven global recovery and prevent future crises.

Investing in job-rich growth, social protection and a just transition to a net-zero emissions future, particularly in low -and middle-income countries, could prevent a further deepening of the inequalities between developed and developing economies that have been exacerbated during the COVID-19 pandemic, said UN Secretary-General, António Guterres, in a policy brief issued today.

At least US$982 billion in fiscal stimulus measures is needed to respond to the immediate labour market shocks of the crisis and to support a just transition, as well as US$ 1.2 trillion annually for social protection floors in low- and middle-income countries. No advanced economy has achieved economic and social progress without investing in social protection systems and quality public services that provide people with the necessary support to navigate the vicissitudes of their lives.

While the wealth of billionaires increased by over US$ 3.9 trillion between March and December 2020, the impact of the pandemic on the world of work, among other factors, increased the number of extremely poor by between 119 and 224 million people—the first increase in poverty in over 21 years.

An estimated 8.8 per cent of total working hours – equivalent to the hours worked in one year by 255 million full-time workers – were lost in 2020.

This corresponds to a loss of US$3.3 trillion in labour income before government support.

Because of the pandemic, there are an estimated 75 million fewer jobs in 2021 than there were before the crisis, and 23 million fewer projected in 2022.

The Secretary-General’s brief calls for urgent investments in a job-rich, sustainable and socially inclusive recovery. The public and private sectors should leverage finance to significantly ramp up such investments to get the world back on track to achieve the Sustainable Development Goals and to address ever-increasing risks from climate change and environmental degradation that could jeopardize  1.2 billion jobs—equivalent to 40 per cent of the global labour force.

A human-centred recovery from the pandemic needs employment and social protection policies to work in tandem, not only to improve people’s living standards but also to help them navigate the challenges of a rapidly changing world of work and the transition towards the goal of net-zero carbon emissions by 2050.

Accelerating job creation

To achieve a job-rich recovery and a just transition to a sustainable and inclusive economy, the Secretary-General is calling for a Global Accelerator for Jobs and Social Protection that would create at least 400 million jobs and extend social protection to 4 billion women, men and children currently without coverage.

To achieve this Goal, the Policy Brief entitled “Investing in Jobs and Social Protection for Poverty Eradication and a Sustainable Recovery” recommends several actions:

Develop integrated national and inclusive recovery strategies for decent job creation, especially in the care and green sectors, universal social protection, and a just transition, and ensure they are aligned with macro-economic and fiscal policies and underpinned by sound data.

Expand investment in Social Protection Floors as a percentage of GDP in national budgets.

Design policy measures to extend social protection to workers in the informal economy, and to foster the progressive formalization of enterprises and employment, including in the care economy.

Create active labour market policies to help workers upskill and re-skill to keep or change their job, adapt to the green and digital transitions.

Develop a sound financial architecture to mobilize investments for decent jobs, social protection, and a just transition, including by channelling SDRs to support national recovery strategies to countries in need.

Strengthen collaboration with the private sector to scale up investments in strategic sectors to promote entrepreneurship, effectively reaching women and women-owned enterprises, in particular, to close the skills gap

Align strategies with the Paris Climate Accords, so that they support enterprises and workers, while also ensuring that vulnerable populations are not left behind in the transition to net-zero carbon emissions economies.

High-level Event on Jobs and Social Protection for Poverty Eradication.

 

Exxon Mobil To Cut 1,900 US Jobs As Covid-19 Hits Oil Prices

A file photo of Exxon Mobil logo. Source: [email protected]

 

Exxon Mobil said Thursday it will eliminate 1,900 US jobs as part of a global cost-cutting drive that will shrink its global workforce by about 15 percent over the next two years.

The US oil giant said the hit from the coronavirus pandemic — which has driven oil prices lower — was a factor in the downsizing, which will primarily impact management staff in Houston, through a mix off of voluntary programs and involuntary layoffs.

The US job cuts are “the result of ongoing reorganizations,” the company said, adding “the impact of Covid-19 on the demand for ExxonMobil’s products has increased the urgency of the ongoing efficiency work.”

The latest move is part of the oil giant’s worldwide push to cut costs that will shrink its overall workforce by about 14,000 employee and contractor positions through the end of 2022.

The company about 88,000 workers at the end of 2019, including just under 75,000 employees and around 13,300 contract workers, an ExxonMobil spokesman said.

The company plans to cut about 7,000 employee and 7,000 contract staff between the end of 2019 and the end of 2022, the spokesman said.

US oil prices currently trade below $40 a barrel, more than $15 lower than a year ago. That drop has pressured earnings at oil giants including ExxonMobil, which will release results on Friday.

Shares of ExxonMobil rose 2.2 percent to $32.27 in late-morning trading.

AFP

Canada Spends On Infrastructure To Boost Jobs, Cut CO2 Emissions

In this file photo Canadian Prime Minister Justin Trudeau speaks during a news conference on January 9, 2020 in Ottawa, Canada. Dave Chan / AFP
In this file photo Canadian Prime Minister Justin Trudeau speaks during a news conference on January 9, 2020 in Ottawa, Canada. Dave Chan / AFP

 

Canada announced billions of dollars in spending on infrastructure projects Thursday that will support a transition to a low-carbon economy during pandemic recovery and create 60,000 jobs over three years.

The government’s nascent Canada Infrastructure Bank will oversee the spending, which totals Can$10 billion (US$7.5 billion) and is meant to fund electric buses, renewable power generation and building retrofits.

It is hoped the projects will also attract private investment.

“Families and businesses want to locate and build where they know infrastructure is modern, clean and resilient,” Infrastructure Minister Catherine McKenna told a news conference.

“And Canada has an excellent opportunity to be the low-carbon economy that global investors beat a path to if we keep making smart choices right now,” she said.

Prime Minister Justin Trudeau’s government last week said it would aim to beat its target for reducing greenhouse gas emissions. Under the Paris Agreement, Ottawa committed to slash CO2 emissions by 30 percent below 2005 levels by 2030.

The infrastructure money will also go to connect about 750,000 homes and small businesses to broadband in underserved communities and to irrigate 700,000 more acres (283,300 hectares) of land to allow Canadian farmers to produce more food.

AFP

COVID-19-Hit Shell To Cut Up To 9,000 Jobs By 2022

Warri, Shell.

 

Energy major Shell unleashed Wednesday a major restructuring to combat plunging oil prices driven by the coronavirus pandemic, warning it will also spark more asset writedowns in the third quarter.

Royal Dutch Shell said in a statement that it would axe between 7,000 and 9,000 positions by the end of 2022, of which 1,500 staff have already agreed to take voluntary redundancy this year.

The job cuts would amount to roughly 10 percent of Shell’s total global workforce of 80,000 staff across more than 70 countries.

The Anglo-Dutch giant aims to generate annual savings of between $2.0 billion and $2.5 billion (1.7-2.1 billion euros) under the plan, which also includes other measures to streamline the business in response to the fallout from the Covid-19 crisis.

Those savings will partially contribute to the $3.0-$4.0 billion efficiency drive that was announced in March and runs to 2021, it added.

Shell had already flagged in July that job cuts were in the pipeline after posting a colossal $18.1-billion second-quarter net loss as coronavirus savaged the world oil market.

It warned on Wednesday that it would suffer more post-tax impairment charges of between $1.0-$1.5 billion in third-quarter earnings, which will be published at the end of October.

“This is an extremely tough process. It is very painful to know that you will end up saying goodbye to quite a few good people,” said Chief Executive Ben van Beurden in an interview on the company website.

“But we are doing this because we have to, because it is the right thing to do for the future of the company.

“We have to be a simpler, more streamlined, more competitive organisation that is more nimble and able to respond to customers.”

Shell’s main British rival BP is axing around 10,000 jobs or 15 percent of its total workforce in response to the virus turmoil.

AFP

Britain Launches Fresh COVID-19 Plan To Protect Jobs

Britain’s Chancellor of the Exchequer Rishi Sunak hosts a remote press conference to update the nation on his economic measures announced today during the covid-19 pandemic, inside 10 Downing Street in central London on September 24, 2020.  (Photo by JOHN SIBLEY / POOL / AFP)

 

Britain on Thursday launched a coronavirus winter battle plan to protect jobs and boost the fragile economy, after surging infections sparked fresh nationwide measures to slow the spread.

Finance minister Rishi Sunak unveiled his new jobs protection scheme that will support wages of staff keeping at least one-third of their usual working hours.

The plan, starting in November, does not however go as far as the furlough scheme ending next month that has paid out billions of pounds to support wages of some ten million workers.

“The next phase of our planned economic response” would “protect jobs and the economy over the winter period,” Chancellor of the Exchequer Sunak told parliament.

He decided to also prolong tax cuts for the hospitality and tourism sectors, while extending an income-support initiative for the self-employed.

– ‘Cannot save every business’ –

“As I’ve said throughout this crisis, I cannot save every business,” Sunak said as he announced the watered-down jobs scheme.

“I cannot save every job. No chancellor could.”

Under the new scheme, the government and employers will together pay the salaries of workers kept in roles on reduced hours.

To keep the UK economy alive and people in jobs during the pandemic, the government’s furlough scheme has paid the bulk of wages earned by staff in full-time roles across the private sector.

Despite the new support, analysts warn that Britain still faces the possibility of surging unemployment as many businesses simply cannot afford to keep staff, even on reduced hours.

“These measures should help ease the pressure currently being felt by businesses and workers up and down the country,” noted analyst Tom Selby at broker AJ Bell.

“However, whether it is enough to prevent a surge in unemployment as we head into winter remains to be seen.”

Sunak’s update comes on the day Britons began facing new restrictive measures — including early closing times for pubs and restaurants.

Conservative Prime Minister Boris Johnson this week called on Britons to work from home as the country faces a spike in virus cases, hurting city-centre services.

Johnson’s call comes as businesses were just starting to get back on their feet after a three-month nationwide lockdown earlier this year.

– ‘Fact of life’ –

“It is now clear, as the prime minister and his science advisers have said, that for at least the next six months the virus and restrictions are going to be a fact of our lives,” Sunak added Thursday.

“The resurgence of the virus and the measures we need to take in response pose a threat to this fragile economic recovery,” he added.

British gross domestic product (GDP) shrank by a fifth in the second quarter, more than any European neighbour, after the March 23 lockdown plunged the country into its deepest recession on record.

While retailers, hospitality and travel groups have been at the forefront of slashing tens of thousands of jobs during the pandemic and despite furlough support, supermarkets have created many new ones to meet a surge in online food demand.

Britain on Wednesday meanwhile recorded 6,178 new virus cases — the highest daily increase since May 1.

The government’s top medical advisers had warned that the country could see up to 50,000 coronavirus cases a day by mid-October, and a month later exceed 200 deaths every day if nothing was done.

Almost 42,000 people who have tested positive for Covid-19 have died in Britain, the worst death toll in Europe.

AFP

New US Jobless Claims Drop Below 1 Million, First Time Since March

In this file photo taken on January 23, 2018 employees of car manufacturer Ford hold a banner of the metalworkers’ union IG Metall while taking part in a warning strike in Cologne, western Germany. Federico Gambarini / dpa / AFP

 

 

The US Labor Department on Thursday reported fewer than one million new weekly claims for unemployment benefits for the first time since the coronavirus pandemic struck in March.

The result was better than expected but analysts warn the United States remains in the midst of an unemployment crisis after business shutdowns to stop the spread of COVID-19 led to tens of millions of layoffs.

The Labor Department data showed 963,000 seasonally adjusted initial claims filed in the week ended August 8, a drop of 228,000 from the previous week.

The insured unemployment rate also dropped 0.4 percentage points to 10.6 percent in the week ended August 1, the latest week such data was available.

 

The sign of jobs is seen on the front of the US Chamber of Commerce building in Washington, DC. AFP

 

But despite the improvement, a massive 15.5 million people were still receiving benefits, and the new claims filed in the week ended August 8 were above the worst week during the global financial crisis.

“Claims will remain elevated compared to historical levels and, given the likelihood of another round of layoffs in the offing among small and midsize firms due to insufficient demand as the economy continues to slow, claims may reverse,” Joseph Brusuelas, chief economist at RSM US, said on Twitter.

The data comes as Democratic lawmakers in Congress negotiate with President Donald Trump’s administration over a follow-up to the $2.2 trillion CARES Act rescue package passed as the pandemic hit.

Among the sticking points is the issue of how much to give state and local governments in aid as well as the fate of extra payments to the unemployed. The CARES Act gave the jobless an extra $600 per-week on top of their state benefits, but that money has expired and lawmakers can’t agree on how much to spend on that going forward.

The CARES Act also created a special program allowing people not normally eligible for unemployment benefits to receive assistance. In the week ended August 8, claims under that program decreased by more than 167,000 to 488,622.

All told, nearly 28.3 million people were receiving some form of government aid in the week ended July 25, down more than three million from the week prior.

That was many times above the 1.7 million people receiving benefits in the same week of 2019, another sign of the damage done by lockdowns to stop COVID-19 that began in mid-March.

Rubeela Farooqi of High Frequency Economics called the latest data “a move in the right direction” but warned the world’s largest economy remains in a weakened state, particularly with the pandemic still raging.

“Even as businesses have reopened and jobs have returned, layoffs are continuing to mount, likely reflecting interruptions to activity from virus containment,” she said in an analysis.

“The risk of permanent job losses and damage to the labor market remains high, which will slow the pace of recovery. The economy faces a long and uncertain road back to pre-pandemic levels of prosperity.”

AFP

US Suffers Biggest Job Losses In History Amid Pandemic

Roadworks continue, now with a facemask, as some essential jobs have kept segments of the population employed as the stay-at-home orders continue in Los Angeles, California on May 4, 2020. Frederic J. BROWN / AFP
Roadworks continue, now with a facemask, as some essential jobs have kept segments of the population employed as the stay-at-home orders continue in Los Angeles, California on May 4, 2020. Frederic J. BROWN / AFP

 

With shops and factories closed nationwide due to the coronavirus pandemic, nearly all of the jobs created in the US economy in the last decade were wiped out in a single month.

An unprecedented 20.5 million jobs were destroyed in April in the world’s largest economy, driving the unemployment rate to 14.7 percent compared to 4.4 percent in March, the Labor Department said in its monthly report, the first to capture the impact of a full month of the lockdowns.

The United States is home to the world’s largest and deadliest coronavirus outbreak, with more than 75,000 fatalities and 1.2 million cases reported as of Thursday, according to Johns Hopkins University.

The economic damage has been swift and stunning.

In the two years of the global financial crisis, the world’s largest economy lost 8.6 million jobs and the unemployment rate peaked at 10 percent in October 2009. During the recovery, from February 2010 to February 2020, 23 million positions were created.

The plunge in nonfarm payroll employment last month was the largest ever recorded dating back to 1939, while the jobless rate saw its highest and biggest increase dating back to 1948, the report said.

And job losses in March were worse than initially reported, falling 870,000 even though the business closures happened mostly in the second half of the month.

Employment fell sharply in all major industry sectors. Leisure and hospitality was the first sector hit and the one bearing the brunt of the impact of the lockdowns, and posted a loss of 7.7 million jobs.

However, the Labor Department noted that some workers were misclassified in the report as employed when they should have been counted as laid off. Had they been listed properly, the unemployment rate would have been nearly five percentage points higher.

‘Nowhere near peaking’

President Donald Trump said Friday the numbers were expected, and promised: “I’ll bring it back.”

“Our country is warriors and maybe now more than ever because they are going back to work,” he said on Fox News.

And even that double-digit rate underestimates the impact of the virus, since many employees are simply leaving the workforce altogether or have been forced into part-time work instead of full time.

The measure of the labor force as a share of the total population dropped to 51.3 percent, its lowest in history, while number of people not in the labor force who currently want a job nearly doubled to 9.9 million.

New claims for unemployment benefits remain at a staggering 33.5 million since mid-March, meaning the jobless rate could go much higher still.

“We knew it was bad out there but it is looking like it is even worse that we thought,” economist Joel Naroff said in his analysis prior to the release of the data.

“Now I am wondering if we will hit 40 million (jobs lost), which would take us to an unemployment rate of 25 percent or more. That is truly scary, as you have to go back to the early 1930s, during the Great Depression, to see anything nearly like that,” he said.

Despite nearly $3 trillion in financial aid approved by Congress in March alone and trillions more in liquidity provided by the Federal Reserve, there is a growing fear that the temporary shutdowns imposed to contain the spread of the virus will become permanent for many companies.

 

AFP

BBC To Terminate 450 Newsroom Jobs

(FILES) In this file photo taken on October 30, 2017 A general view of the headquarters of the British Broadcasting Corporation (BBC) in London on October 30, 2017. The BBC will axe 450 jobs in its newsroom as part of plans to adapt “to changing audience needs” and meet its £80 million ($104 million, 95 million euro) savings target, the British broadcaster announced on January 29, 2020.
Daniel LEAL-OLIVAS / AFP

 

The BBC will axe 450 newsroom jobs as part of plans to adapt “to changing audience needs” and meet its savings target, the broadcaster announced on Wednesday.

“The BBC has to face up to the changing way audiences are using us,” Fran Unsworth, director of news and current affairs, said in a statement.

“We have to adapt and ensure we continue to be the world’s most trusted news organisation, but crucially, one which is also relevant for the people we are not currently reaching,” she added.

The British Broadcasting Corporation, which has an £80 million ($104 million, 95 million euro) savings target, said it was spending too much on “traditional linear broadcasting and not enough on digital”.

The “Victoria Derbyshire” morning show will be axed, with other job losses coming from a reduction in the number of films produced by flagship news programme “Newsnight”.

Other jobs will be lost at radio station 5 Live, and there will be a review of the number of presenters working for the broadcaster.

It noted that audiences for traditional television broadcasts continued to decline, especially amongst 16 to 34-year-olds.

“The BBC newsroom will be reorganised along a ‘story-led’ model, focusing on news stories more than on programmes or platforms,” said the statement.

“This is designed to reduce duplication and to ensure that BBC journalism is making as much impact as possible with a variety of audiences.”

Embattled BBC boss Tony Hall announced last week he would step down in six months’ time, as the corporation grapples with a damaging equal-pay ruling and questions over its funding model as new ways emerge to consume news and entertainment.

Hall, 68, who will depart after seven years at the helm, said the BBC needed new leadership ahead of negotiations with the government in the middle of the decade over its future funding and status.

Unsworth insisted that “Auntie”, as it is informally known in Britain, had “a vital role to play locally, nationally and internationally”.

“In fact, we are fundamental to contributing to a healthy democracy in the UK and around the world,” she added.

“If we adapt we can continue to be the most important news organisation in the world.”

AFP

Facebook To Boost Site Safety With 1,000 More UK Staff

Facebook CEO Mark Zuckerberg delivers the opening keynote introducing new Facebook, Messenger, WhatsApp, and Instagram privacy features at the Facebook F8 Conference at McEnery Convention Center in San Jose, California on April 30, 2019.  Amy Osborne / AFP

 

Facebook on Tuesday said it plans to create 1,000 more London-based jobs this year to improve safety on the social network with the aid of artificial intelligence.

The new roles will increase the number of staff at the company’s largest engineering hub outside the United States to more than 4,000.

“The UK is a world leader in both innovation and creativity. That’s why I’m excited that we plan to hire an additional 1,000 people in London this year alone,” said Facebook’s chief operating officer Sheryl Sandberg.

She said that many of the new roles would help Facebook to “address the challenges of an open internet and develop artificial intelligence to find and remove harmful content more quickly.

“They will also help us build the tools that help small businesses grow, compete with larger companies and create new jobs.”

British Prime Minister Boris Johnson welcomed the move, saying that “the UK is successfully creating both homegrown firms at the forefront of cutting-edge technologies, such as artificial intelligence, whilst attracting established global tech giants like Facebook”.

AFP

Mexico Offers 4,000 Jobs To New Migrant Caravan

 

Mexican President Andres Manuel Lopez Obrador offered 4,000 jobs Friday to migrants in a new caravan currently crossing Central America toward the United States.

“We have more than 4,000 jobs along our southern border, and also migrant shelters. There is work in our country,” the leftist leader said at his daily news conference.

The caravan, which formed in Honduras this week and is making its way across Guatemala, currently has around 3,000 migrants, Lopez Obrador said.

According to Guatemala’s new President Alejandro Giammattei, Mexico has vowed to use “everything at its disposal” to stop them.

Mexico has come under pressure from President Donald Trump to slow a surge of undocumented migrants who arrived at the US-Mexican border last year.

Trump threatened in May to impose tariffs on Mexico if the government did not do more to stop them.

Cornered, Lopez Obrador’s administration deployed 27,000 National Guardsmen to tighten its borders and has allowed the United States to send more than 40,000 asylum-seekers back to Mexico while their cases are processed, under the so-called “Remain in Mexico” policy.

Human Rights Watch accused Mexico Tuesday of violating migrants’ rights by failing to guarantee the security of those returned by the United States and detaining others in “inhumane conditions.”

Tens of thousands of Central American migrants crossed Mexico toward the United States last year in large caravans, fleeing chronic poverty and brutal gang violence and seeking safety in numbers from the dangers of the journey.

That prompted Trump to warn of an “invasion” and deploy nearly 6,000 US troops to the border.

US Job Creation Soars In November, Boosting Trump

US President Donald Trump speaks during a cabinet meeting at the White House October 21, 2019, in Washington, DC. Brendan Smialowski / AFP

 

US job creation soared last month as hospitals, hotels and schools raced to add new workers, a shot in the arm for Donald Trump’s economic stewardship as he faces impeachment and a bitter fight for reelection.

The surprise jump in hiring wiped away fears that November would be a lackluster month and suggested the American economy so far is holding up despite a global slowdown.

Payrolls also got a boost as autoworkers were back on the job after a six-week nationwide strike at General Motors plants, according to Labor Department data released Friday.

US firms added a massive 266,000 net new positions, shattering economists’ expectations, while the jobless rate fell a tenth of a point to 3.5 percent.

This matched the 50-year low set in September but the November drop was mainly because of a small decline in the workforce.

Job gains in September and October also were revised upward by a total of 41,000, underscoring the strength of labor markets.

“This is wild,” Ian Shepherdson of Pantheon Macroeconomics said in a note to clients, warning that a downward revision was possible.

Economists in recent days had begun to worry that America’s appetite for workers was on the wane, as some signs pointed to slackening demand for labor as well as a dwindling supply of workers.

But the continued hiring bonanza should bolster the Federal Reserve’s decision to keep the benchmark interest rate stable after three cuts this year, with central bankers believing more stimulus is unnecessary.

On Twitter, Trump hailed the “GREAT JOBS REPORT” while top White House economic aide Larry Kudlow said the numbers showed good times were getting better.

“The basic theme here: America is working,” he told CNBC.

 Job creation slowed in 2019 

Job creation has slowed this year, however, as employers on average have added 180,000 workers a month, down from the 223,000 average monthly gains in 2018.

Average hourly wages crept 0.2 percent higher compared to October, but that was slower than forecast. Compared to a year ago, however, the increase was 3.1 percent, well above the rate of consumer inflation.

The wage gains are unlikely to alter the Fed’s view, said economist Rubeela Farooqi of High Frequency economics.

“As for the Fed, these data should support the ‘on hold’ stance, at least for the time-being.” she said in an analysis.

Meanwhile, the dip in the jobless rate came with a drop in labor force as people left the job hunt or retired.

The mining and logging sector, which includes an oil industry hit by recent low prices, had another bad month, shedding 7,000 jobs.

There also were cuts in wholesale trade while retailers added a paltry 2,000 workers ahead of the holiday shopping period.

But good news far outweighed the bad. The numbers of people working part time for economic reasons, those not working or looking for work and those who had given up hope of finding a job were all down from their year-ago levels.

Economists say the strong labor market is almost single-handedly holding up the world’s largest economy, keeping workers optimistic and leaving them with money to spend.

This has helped offset persistent weakness in the manufacturing and agricultural sectors while businesses have slowed their investments, amid concerns about Trump’s multi-front trade wars.

Wall Street rose back into record territory on the jobs numbers, with the benchmark Dow Jones Industrial Average up about one percent shortly before 1600 GMT.

Buhari Vows To Create Jobs For Nigerians

Buhari Vows To Create Jobs For Nigerians
President Muhammadu Buhari meets with leadership of the Nigeria Employers’ Consultative Association (NECA) at the State House in Abuja on July 17, 2019.

 

 

President Muhammadu Buhari has said that his administration would leave no stone unturned in its bid to create jobs for Nigerians.

He stated this when he met with the leadership of the Nigeria Employers’ Consultative Association (NECA) on Wednesday at the State House in Abuja.

“Nigeria is a blessed country with abundant resources. We have all it takes locally to meet our most basic needs,” the President was quoted as saying in a statement by media adviser, Femi Adesina.

He added, “Our history of unnecessary importation of the most basic items meant we were exporting jobs to other countries at the expense of our own citizens. This administration is determined and taking steps to bring these jobs back to Nigeria.

“Our policies are simply designed for that. There is no doubt, the implementation of such policies will not be hitch-free. As you have pointed out, there are challenges in some areas that need to be addressed.

“I want to assure you that we are looking into these and other matters to ensure we have a sustainable platform for businesses to succeed.”

READ ALSO: Nigeria Grab Early Lead In Tunisia AFCON Third Place Clash

The President explained that unnecessary importations into the country would be stopped in order to bring back jobs for Nigerians.

He insisted that his administration was focused on creating an enabling environment for Nigerian businesses to flourish by implementing various policies and programmes to support job creation.

President Buhari pointed out that the nation’s private sector has remained a platform for inclusive growth in the past four years.

According to him, his administration invested a lot of time and effort through the Presidential Enabling Business Environment Council to improve the Ease of Doing Business.

The President added that they implemented various policies and programmes to support job creation in agriculture, mining and other key sectors.

On job creation, he said, “This journey is a long one that requires patience, understanding and perseverance. I would, therefore, encourage you to continue to engage government by providing honest and constructive feedback. Together, we can build a Nigeria that we will all be proud of.

“On our part as an administration, I assure you that we will continue to do our best to support you in your efforts as Employers of labour and vital institutions in our country.”

President Buhari thanked the group for the visit and the association for its contributions to the nation since inception in 1957.