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 32^nd 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 32^nd 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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27.11.2021/0 Comments/by fahad

Employment USA

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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25.11.2021/0 Comments/by fahad

Employment USA, Morgan Stanley

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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25.11.2021/0 Comments/by fahad

Unemployment Rate is Still High in Delaware

New Jobs Added During October

Delaware at 32^nd Rank

Higher Unemployment in Populous Cities

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

Jobless Claims Falls Below 200,000 Mark

Government’s Efforts

Steady Economic Recovery

Morgan Stanley Want their Young Talent to Work from Office

More Learning While Working for Office

Work from Home Strategy

ABOUT US

CONTACT

New Jobs Added During October

Delaware at 32nd Rank

Higher Unemployment in Populous Cities

Jobless Claims Falls Below 200,000 Mark

Government’s Efforts

Steady Economic Recovery

More Learning While Working for Office

Work from Home Strategy

ABOUT US

CONTACT

Delaware at 32^nd Rank