The government underestimated job growth by 626,000 over four months


The government underestimated job growth by 626,000 over four months

The Bureau of Labor Statistics (BLS) underestimated significant job growth over the summer, with revisions showing an additional gain of 626,000 jobs, the Washington Post reports.

The Ministry of Labor’s monthly employment reports are revised once the BLS receives more information. While revisions before the pandemic were often minimal, this summer’s numbers have changed dramatically as COVID-19 made it more difficult to make preliminary estimates.

Meanwhile, Republicans have used the early statistics to criticize the Biden administration’s handling of the economy. “After months of unsuccessful policies and bad job reporting, the only person who doesn’t deserve credit for job creation is Joe Biden,” the Republican National Committee (RNC) said in a press release. “To add to his list of failures, Biden announced an unconstitutional mandate threatening the jobs of millions of workers.”

Despite these criticisms, MSNBC adds that October saw an increase of more than 500,000 jobs, with the unemployment rate reaching its lowest level in 19 months.

“I guess I’m not sure why what is happening is not characterized as a booming recovery from a global shutdown,” said Sen. Brian Schatz (D-HI).

The United States created 5.8 million jobs this year and is expected to have created 7 million by the end of 2021.

Federal student loan hiatus comes to an end

The break on federal student loan payments will end on January 31, CNBC reports.

The federal government initially declared a moratorium on student loans in March 2020, setting loan interest rates at zero percent and suspending student loan payments. The moratorium has been extended several times, with economists expressing concern over the number of people likely to default. One in ten Americans have defaulted on a student loan, affecting 9 million borrowers.

Loan providers are asking borrowers to prepare for resuming payments, although the changes are likely to put more financial pressure on them. Speaking to WWLP, Sydney Pasini said: “Not thinking about it over the past couple of years because of the pandemic has really helped me financially. Now that it’s back up and it’s starting again, I’m really trying to budget myself. any further.

The Federal Reserve reports that Americans owe a total of $ 1.73 trillion in student loans, with an average of $ 36,510 per borrower.

Kaiser and John Deere workers end strikes

About 50,000 Kaiser Permanente healthcare workers called off their planned strike after reaching a labor agreement with the company on Saturday, Hawaii Public Radio reported. And 10,000 John Deere workers already on strike ratified a contract Wednesday, the Washington Post reports.

Deere workers will receive an immediate 10% raise, a contract ratification bonus of $ 8,500 and two 5% increases in 2023 and 2025; it’s similar to a previous offer union members rejected, but includes “tweaks” to how bonuses are calculated, the Post said.

Next City previously reported on Kaiser’s planned strike as workers expressed concerns over understaffing and inadequate wages. Initial negotiations with the company ended with a draft two-tier pay system, which union members overwhelmingly rejected.

Now the company is committed to a four-year contract that would help workers receive annual pay increases and maintain their benefits. A statement from the Alliance of Health Care Unions reveals that Kaiser will also create regional workforce management committees to quickly fill vacancies so workers don’t feel overwhelmed.

The labor agreement only applies to some 50,000 healthcare workers in 22 unions. Negotiations are still ongoing with northern California pharmacists and a group of engineers.

“We hope to make deals very soon,” Kaiser spokesman Steve Shivinsky told Hawaii Public Radio.

Solcyra (Sol) Burga was a member of the Emma Bowen Foundation with Next City for the summer of 2021. Burga is completing his studies in political science and journalism at Rutgers University, with the intention of graduating in May 2022. As a Newark native and immigrant, she hopes to raise the voice of underrepresented communities in her work.

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