NEXT RECESSION, LABOR DEMAND AND JOB OPENING

The labor market sustained to the upswing in January, improved from 2 years worse point in December 2019. The accumulative tendency in labor market displays a warming demand for labor. According to the Bureau of Labor Statistic unemployment rate was slightly altered in January, touched the 50 years lower rate. During the same period, the labor market creates 225,000 jobs, 42 percent greater than what was predicted. The mounting tendency in the job market fueled the wage rate to rush. A slim pace was detected in wage expansion. The hourly wage rate upturns to 28.44 USD in January, increased by 7 cents. Payrolls prolonged by 225,000 as more workers were pushed into the labor force. Hiring decelerated due to tight labor market, trade quarrel and downturn fears. Automakers and mining contribute to negative job evolution in the manufacturing sector, plunged 12,000 jobs. Another industry that record negative job growth rate is transportation, mainly due to trade dispute with China.

U.S.-China Trade deal, Growth anticipation and Coronavirus outbreak

Until January, the lethal COVID-19 was shrinking China’s growth. China’s exports were shrunk due to outburst worries. Global demand for Chinese products shrunk and ten of thousand workers lost their jobs. In the meantime, the U.S. expansion was upsurging. The stock market was moving to record high. Unemployment dwindled to 50 years record low. Economics expansion was trusted by a mounting tendency in the stock and labor market.

As the COVID-19 outburst blowout outside China and particularly in the U.S, a record slump was witnessed. The stock market that was well-performing in the first month of the current period, fell more than 20 percent since mid- February. The COVID-19 that ended Chinese decades-long economic growth, disrupting the U.S. economy severely. The stock market that was flying record high fell dramatically. The disagreement amongst OPEC and Russia on crude oil supply cut, disrupted stock further.

The diffusion of COVID-19 into Europe and the U.S. after striking Asia, disrupting and dislocating the world economy. This disruption and dislocation will prompt year-on-year contraction in global growth rate. In the U.S. and Eurozone, the recession is now on inches. The world growth rate is expecting a diminution to 0.9 percent, the deepest than the global financial in 2007 and it is anticipating that the next recession in will worsen than that was in 2001 and 2007. China should see the worst in first quarter, while the U.S. and the rest of the world in the second quarter.

Economic activities are diminishing and we will see a significant decline in output in the second quarter. The unemployment rate is anticipating mounting trend, where more layoffs or hours cutback is likely. The job insecurity amongst the workers will moderate consumer spending. The lessening in consumer spending will provoke another loop of decline in output.

Under such condition, it is more indispensable for workers to prepare for a downfall. The workers require to add funds to their emergency fund and sluggish their current expenditure. Besides this, workers also expecting layoffs or hours cutback, it is more imperative for workers to get timely and accurate information. A smartphone-based application “LaborAlert” developed by Kiwi Application-LLC (play store URL: https://play.google.com/store/apps/details?id=com.labouralerts and app store URL:  https://apps.apple.com/us/app/labor-alerts/id1113045391) provides such information prior to 60 days to its user during any layoffs, plant closure, or complete shutdown. 

Labor Alerts also provides filtered statistics for companies in a given State. This tool helps the user analyze layoff data from the past and follow trends as well as forecast how the employment situation may change in the future.

To summarize, the LaborAlerts application allows you to:

  • Create company layoff alerts by simply searching for the company and tapping on their “bell” symbol.
  • See what companies or states are the largest affected by the layoffs or closings
  • Share through social media or text.

To get started, the application need only be installed and asks for no personal data on the user. Although the application is free to use, the following subscription criteria makes for several options to suit your needs.

Download LaborAlerts on the App Store

Download LaborAlerts on the Google Play Store

Sync your devices such as your phone, and tablet to have easy access to your account and the information on the application.