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Unemployment Rate is Still High in Delaware

Unemployment numbers decreased in October across United States. Employers added 531,000 new jobs during last month. Delaware is no exception and the adjusted unemployment rate for October stood at 5.3% as compared to 5.4% in September.

New Jobs Added During October

Unemployment rate in Delaware ticked down 10 points and Delaware had an addition of 2,400 new jobs during October. However, the gap between Delaware’s rate and national average has widened. Delaware’s state officials reported these figures. An increase in labor force is a positive sign and it reflects that workers are now willing to get back to work again. This is important keeping in view the fact that there are million of job openings nationwide.

Delaware at 32nd Rank

Unemployment rate was 5.3% during October and it was significantly higher than the national average of 4.6%. The number has widened by 20 basis points over the months. Thus, Delaware stands 32nd among all U.S. states in terms of its unemployment rate as reported by U.S. Bureau of Statistics. Nebraska had the lowest unemployment rate of 1.9% whereas California is at the top with 7.3% unemployment rate.

The weekly unemployment claims in the First State were 397 and they were same as that of last month. Although the people receiving assistance are decreasing yet the unemployment numbers are not coming down as per the estimates. Less than 4,600 people received assistance and this is the lowest rate since the pandemic set in. 25,800 workers were unemployed and there is a decrease of 500 since September.

Higher Unemployment in Populous Cities

New Castle, Kent and Sussex counties reported an unemployment rate of 4.5%, 5.2% and 4.1% respectively. However, Wilmington and Dover witnessed more jobs losses and their unemployment rate stood at 6.8% and 7.1% respectively. These statistics are not seasonally adjusted and impacts tourism-based growth in coastal destinations. During October, trade, transportation and utilities sectors added 1,500 jobs. Alongside, financial sector added 700 jobs,  education and health added 500 jobs whereas professional sector added 200 new jobs. On the other hand, construction, government, manufacturing and leisure and hospitality sector reported job losses.

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U.S. Jobless Claims are at a 52-year Low

The number of Americans applying for unemployment benefits reduced last week. Unemployment claims have come down to the lowest level in more than half a century. This is an indication that U.S. job market is recovering rapidly. Seasonal adjustments around the Thanksgiving holiday also contributed significantly to the bigger than expected drop.

Jobless Claims Falls Below 200,000 Mark

Jobless claims dropped by 71,000 and currently stands at 199,000. This is the lowest number since November 1969. Economist forecasted that a drop in unemployment claims to 261,000 but the drop exceeded the expectations. Getting jobless claims below the 200,000 level for the first time since the pandemic began is truly significant, portraying further improvement.” This was commented by Mark Hamrick who is a senior economic analyst at Bankrate.

Government’s Efforts

531,000 new jobs were added during the month of October. Hence, the workers have more freedom in opting for the jobs of their preference and they are getting back to work. Another reason causing the return of workers is broadening availability of coronavirus vaccine. Meanwhile, wages also witnessed a 4.9% annual increase which resulted in higher inflation. This combination of increased wages and rising inflation has enabled Federal Reserve to announce that they are cutting back on its $120-billion monthly purchases of Treasuries and mortgage-backed securities. Analysts are also expecting an increase in interest rates during the next year.

Steady Economic Recovery

Jobless claims were at the peak in early January and touched the figure of 900,000. They have decreased gradually and have now fallen below pre-pandemic level of around 220,000. The jobs market also witnessed a remarkable comeback since March 2020. The coronavirus pandemic forced businesses to cut hours or close completely. This forced the citizens to stay home as a health precaution. Furthermore, U.S. employers slashed more than 22 million jobs.

The steps taken by the government on economic front along with vaccines roll out gave confidence to the consumers to sped more. Employers are experiencing a massive surge in demand. United States employers hired more than 18 million workers since April 2020 and are expecting another addition of 575,000 during November 2021.

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Morgan Stanley Want their Young Talent to Work from Office

“If you’re 21 to 35, you are nuts not to be in the office all the time.”. Chris O’Dea, a managing director at Morgan Stanley expressed his views at a conference call within the company.
This is an indication that the company is wary of hybrid work schedule for its employees. Goldman Sachs or JPMorgan Chase have mandated an in-person 5 day return for their employees Whereas, Morgan Stanly have not announced a mandatory 5-days work from office. However, they are urging their 70,000 employees to back to work in some capacity.

Message from the Top
Chris feels that it is high time for the young employees to soak up knowledge and skills from experienced bankers. This may not happen while working on a zoom call in their PJ’s. Earlier this year, Morgan Stanley CEO James Gorman said that it will be disappointing if employees of all ages are not back to their desk by Labor Day. He further reiterated that those who did not return could face a pay cut. He further added that “If you want to get paid New York rates, you work in New York. None of this ‘I’m in Colorado and work in New York and am getting paid like I’m sitting in New York City.”

More Learning While Working for Office

“Make no mistake about it,” Gorman said earlier this year. “We do our work inside Morgan Stanley offices, and that’s where we teach, that’s where our interns learn, that’s how we develop people … If you can go into a restaurant in New York City, you can come into the office.”

Many are wondering why Morgan Stanley are making in-office work mandatory if they feel so strongly about it? But, U.S. is going through the phase of “Great Resignation” and employees tend to have greater leverage. They risk losing their top talent if they abolish the option of working from home.

Work from Home Strategy

Gorman told in an interview in 2020 that the firm will need lesser real estate in future. There is a likelihood that the firm will maximize space for those who they absolutely want to be in the office. while older, established managers float in and out as they see fit.

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U.S. Postal Service is Hiring 600 Workers

The U.S. Postal Service USPS is seeking to hire 600 new positions across the United States. These will mostly be entry level and seasonal positions and purpose is to fulfill the demand of deliveries during the holiday season.

Entry Level and Season Jobs

USPS announced around 500 new jobs last time during this period. They require around a 100 more this year. United States Postal Service is calling for applications for 275 entry level and 350 seasonal positions. These positions are required to be filled in Maui, Hawaii island, Kauai and Oahu. Additionally, 75 of these job openings are in Maui. For Maui, USPS spokesperson Duke Gonzales announced that 35 of these positions are entry level and 40 are seasonal spots.

“These positions are great opportunities for anyone seeking a fast-paced, rewarding work environment with good pay,” USPS Operations Manger Kevin Nakaoka said in a news release. Furthermore, these jobs are available on all islands. They’re looking for 525 new hires on Oʻahu, 60 to 70 on Maui, about 75 on Hawaiʻi Island, and about 20 on Kauaʻi.

Pay Structure

These 350 seasonal jobs are ideal for candidates who are looking to make some extra money during the holiday season. They seasonal positions include the roles of holiday clerks and will be located statewide. Filling these positions is important for USPS as they are considered as key in delivering happy holiday to the customers. Therefore, they are keen fill these roles. Entry level positions include vacancies at Honolulu mail processing facility and mail carrier positions statewide. Starting salaries for these positions range from $18.01 to $ 20.66 plus 25% for cost of living.

Vaccine mandate is applicable on all federal workers. However, Postal Service is quasi-governmental agency and postal workers do not fall under the category of federal workers. Although COVID shots are highly recommended.

These hiring are a part of USPS “peak season” plan. in addition to this, U.S. Postal Service are bringing 40,000 new employees across the United States. Alongside, they are deploying new machinery at selected locations and redesigning their mail processing and transportation networks.

To apply, visit www.USPS.com/careers, click on “Apply Now” and select “Hawaii” as the location.

 

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Louisiana is Finding it Hard to Get the Workers Back to Work

Louisiana is standing at the last place in terms of COVID recovery related to jobs losses. Hence, t is difficult for them  to get back to pre-COVID level for many years. Unemployment benefits of $300 was also ended but it did not result in expected job flooding. Louisiana became the first Democratic governed stated to opt out of the unemployment benefits.

Slow Employment Recovery

Louisiana State has only managed to recover 38% of all jobs lost due to pandemic. The employment levels of seven of the nine metros is still 5% or more below from 4th quarter of 2019.  Gary Wagner reported this in Acadiana business economist at the University of Louisiana at Lafayette.

Major Challenges

Further, Wagner noted that employment numbers sharply reduced due to Hurricane Ida’s effect. Ida has affected employment numbers in Houma/Thibodaux and New Orleans metro. “At the current pace of recovery, most metro areas will not fully regain their COVID job losses for several years,” Wagner wrote in his quarterly report. The report further stated that statewide growth will increase at an average of 1.6% during the next five quarters. As this pace, Louisiana State may not achieve pre-pandemic levels until the first quarter of 2021.

3,400 jobs were added across the state during the third quarter. Yet, the state added 160,000 fewer jobs than it did in the fourth quarter of 2019. This reflects to 8% drop in state’s employment. In September alone Louisiana’s employment numbers dropped by 1.6% to 1,818,000 which is lowest since September 2020.  Financial sector, wholesale trade, oil and gas extraction and manufacturing lost most of the jobs. State’s unemployment numbers also declined more than the projected number of 6.8% during the third quarter. The number stood at 6.2%. However, it does not include the growing number of people who have exited the workforce. By factoring in that in total, the unemployment rate will be at 9.7%.

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GM’s Factory Zero Launch Event

U.S. President Joe Biden visited General Motor’s newly renovated Factory Zero electric vehicle plant. Biden was accompanied by GM’s CEO, United Auto Workers President, Labor Secretary and members of Michigan’s congress. Event was organized to launch the new Factory Zero Detroit Assembly Center which is GM’s second plant in North America.

Employment Prospects

The term Factory Zero refers to facility’s significant role in promoting GM’s vision of a world with zero crashes and zero emissions.  This renovation included 6 modules which will employ more than 2,200 employees. Initially, 2 modules are fully operational and are building pre-production models. The company is spending $35 million in EVs and autonomous vehicles between 2020 and 2025. GM’s CEO announced that the company will double the number of employees in Factor Zero.

President Biden’s Visit

Before delivering formal remarks, Biden toured the plant and took a spin in the new Hummer EV pickup. Factory Zero plant is in the pre-production phase for GMC Hummer EV Pickup and is expected to arrive at dealerships by December. However, the new plant will build Hummer SUV and electric Chevrolet Silverado as well. The plant will employ 2,200 employees at full functionality.

Joe Biden and other participants of the event were confident over the prospects of EV sector. Biden said the infrastructure bill will help the U.S. in competing with China in global electric vehicle industry. The bill includes $7.5 billion to help build out a nationwide electric vehicle charging network. Another, $7.5 billion for electric school buses. For most of the 21st century, we led the world by significant margin because we invested in our people, we invested in ourselves,” Biden said.

The presidential visit Wednesday “should help further bolster Detroit’s name in the EV game,” said Jessica Caldwell, executive director of insights at Edmunds.com Inc.

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VinFast to Bring 1,000 Jobs in Los Angeles

VinFast is a globally emerging electric vehicle company hailing from Vietnam and have officially announced to setup their US Headquarters in Los Angeles, California. This is a part of their global expansion initiative and company will introduce its vehicles in US, Canada and Europe.

US Headquarters in Los Angeles

VinFast’s decision to place its US Headquarters in California was due in part to a $20.5 million tax credit awarded by the California Governor’s Office. It is one of the very few foreign companies which received Calilifornia Competes (CalCompetes) Tax Credit given by the California Governor’s Office of Business and Economic Development (GO-Biz). VinFast’s award is the largest CalCompetes tax credit for an automotive company.

This move will build on the company’s initial investment of $200 million in California and this investment is expected to create around 1,000 new jobs over the next five years. They have a  15,000 square feet headquarters located in Playa Vista also known as “Silicon Beach”. The management team plans to hire more than 400 workers for its headquarters. In addition to its corporate headquarters, VinFast is also investing in regional offices, call centers and network of storefronts. This will help introduce the brand and products to American customers which will expand investment plans in the future.

California Decarbonization Ambitions

California is making bold commitments to accelerate the decarbonization of transportation system and use environment friendly vehicles. This factor is providing a conducive environment for VinFast to realize its vision of becoming a global smart EV brand. “Los Angeles is the transportation innovation capital of the world. A place where companies come to test, prove, and launch new technologies”, said mayor Eric Garcetti. California’s mayor also plans to launch the Global LA program which will attract foreign direct investment to Los Angeles region.

Part of Vingroup, VinFast has become a global EV vehicle brand and was founded in 2017 and they announced three electric car models.

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Southwest Airlines Accepting Vaccination Exemptions

Southwest Airlines will allow unvaccinated employees to keep working past early December and workers will not be put on unpaid leaves if they apply for an exemption on medical or religious grounds.

Latest Announcement

Federal mandate on vaccination deadline is 8th December 2021 and U.S. airlines staff must get vaccination shots by then. Southwest airline has announced that employees must submit the vaccination proof or file an exemption request by 24th November. The company has reverted from its decision that employees who who di not get vaccination or received an exemption will go on unpaid leaves.

U.S. employers are facing the challenge of retaining workers and ‘workers quitting’ is on a rise for few months. In view of the situation, the airline carrier has tried to reassure employees about job security under the mandate and urged them to apply for exemptions. The workers can apply exemption on medical or religious basis. Southwest spokesperson told: “While Southwest encourages every Employee to receive the COVID-19 vaccination, the airline does not intend to lose any Employee over the vaccination mandate.”

Other Airlines Response to Vaccination Mandate

Other airlines also maintained that unvaccinated staff or who do not have an exemption from vaccination could lose their jobs. American Airlines told its staff must get the vaccination shots before deadline. The employees will not be able to work with American Airlines who will not get vaccination till deadline. Southwest and American are both based in Texas. The Republican governor has ordered businesses not to require employees or customers to be vaccinated. They will comply with President Joe Biden’s federal mandate that contractors require vaccination. They believe Federal mandate has legal priority over state orders.

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Helpware to add 300 Jobs

Digital customer services company Helpware will add 300 jobs at their existing location in Montgomery County and also setup a new office in Mercer County. The company is planning to invest $500,000 in Kentucky.

Expansion Plans

With this initiative, Helpware will create 150 jobs at the company’s new office in Harrodsburg and will add another 150 jobs in Mt. Sterling where it opened in 2020. Mt. Sterling office currently have 25 employees. The job roles will comprise of both onsite jobs and remote positions as well. The company will pay an average hourly wage of $23.30 before benefits. The new hiring will boost Helpware’s digital customer service, back-office support, start-up acceleration, content control and other key services. The management have announced that they expect to fill these new positions before the end of 2021.

Helpware’s in Kentucky

Helpware serves high-growth fintech, health tech, e-commerce, technology and other market-disrupting companies to complete complex tasks and grow their brands. It was founded in 2015 and is a digitally enabled people-as-a-service outsourcer supporting a range of industrial sectors. These sectors include health tech, gaming, fintech, e-commerce, software, technology and others. Helpware’s played their role in providing services to the government and charitable organizations in COVID related programs during pandemic. Their leadership expects that the Helpware’s presence in Kentucky will expand in coming years. The company aims to continue their growth in the region and will introduce more jobs in the future. Helpware operates U.S. offices in California, Colorado and Virginia, and maintains a global presence with locations in Germany, Mexico, the Philippines and Ukraine.

“I am beyond proud to be working and growing in the commonwealth. Our company is focused on leading the evolution of consumer expectations changing the services market as we know it,” said Robert Nash, Helpware’s CEO. The Mayor of Mt. Sterling also welcomed this initiative as it will bring new jobs in the county. “In this ever-changing economy, it is so important that we have good and flexible job opportunities for our workforce,” said Mt. Sterling Mayor Al Botts. He further appreciated the efforts made by Helpware towards the community.

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HCL Technologies has a new Delivery Center in Hartford

HCL Technologies has opened a global delivery center at Hartford, Connecticut. HCL Technologies is an Indian tech company which provides digital services to businesses. This new delivery center will bring new jobs to Northeast America.

500 New Jobs

HCL is planning to create 500 new jobs in Connecticut during the next two to three years. These positions will be offered in the fields of IoT, augmented reality, aerospace engineering, infrastructure, digital workplace, IT applications and operations technologies. In addition, HCL also plans to partner with local community colleges and universities to create job opportunities for college graduates.

HCL’s Strategy

In February 2020, HCL announced that the Hartford Center will feature a Smart Manufacturing Lab showcasing state of the art technology products. More than 200 jobs will be added in the Hartford Center. The decision also reflects on company’s strategy of establishing offices near major clients and this new center will serve Stanley Black & Decker which is their anchor client. Stanley Black & Decker is a global manufacturer of tools and storage equipment.

The tech giant HCL is leasing 16,500 square feet space in State House Square and have an option to triple that space. The center will also focus on encompassing insurance, aerospace, healthcare and life sciences. C Vijayakumar , HCL’s chief executive said, “I strongly believe that Hartford is going play a very important part in the work that we are undertaking for our clients globally”. He further added that “our proposition was: ‘We’re going to be next to you. We will build a center here and we will used to build our presence in Connecticut,”

HCL’s Revenues

HCL Technologies is currently operating in 50 countries and have a global workforce of 187,000. In United States, they have a workforce of 22,000 employees. U.S. is generating 60% of their total revenue and its total revenue is $11 billion. The Mayor of Hartford considers HCL’s addition as a positive sign and it will build on city’s efforts to become a center of innovation.

 

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