Pedestrian |
Apr 2, 2021 6:41 PM |
Quote:
Originally Posted by jtown,man
(Post 9236510)
That's a very cold way of looking at the situation. Many restaurant and bar owners have sunk their life savings into their businesses. Some also have no other skill. So they lose their business they lose their homes, their retirements, and have no good job to turn to. Life-shattering in so many ways. Repeat that thousands of times and I don't think a "renaissance" of new hip restaurants means much in comparison.
And regarding the help wanted sign, its obvious what is happening. Low-income people are staying on unemployment because its paying well and it keeps getting extended. Once the government decides to cut people off, those jobs will be filled.
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Many of the new places have the same owners as the old places. It's just a "freshening" of format. As for the "life savings" of the owners of failed places, the restaurant industry has one of there highest turnover/failure rates of any industry. It goes with the territory. And somebody who simply closes up shop right now may not lose as much as you think--they often can get out of future lease payments due to rent relief and other obligations they normally might have. I'm not crying for them.
Meanwhile, as far as those poor folks who won't worK:
Quote:
U.S. Added 916,000 Jobs in March as Hiring Accelerated
By Eric Morath
Updated April 2, 2021 12:56 pm ET
U.S. hiring surged in March as the economic recovery accelerated, the start of what economists say could be a sustained run of job growth to industries, regions and workers hardest hit during the pandemic.
U.S. employers added a seasonally adjusted 916,000 jobs in March, the best gain since August, the Labor Department said Friday, and the unemployment rate, determined by a separate survey, fell to 6.0%, a pandemic low. Still, as of March, there are 8.4 million fewer jobs than in February 2020 before the pandemic hit.
Economists expect the U.S. to add an average of 514,000 jobs a month over the next year, but payrolls would remain below prepandemic levels into 2022.
The jobs rebound is gaining renewed momentum as more people are vaccinated against Covid-19, states lift restrictions on business activity, and consumers grow more comfortable dining, shopping and traveling outside their homes.
“There’s a seismic shift going on in the U.S. economy,” said Beth Ann Bovino, a Ph.D. economist at S&P Global. The confluence of additional federal stimulus, growing consumer confidence and the feeling that the pandemic is close to abating—despite rising infections in recent weeks—is propelling economic growth and hiring, she said.
Other recent data shows restaurant, hotel and airlines bookings are up and consumers are spending more at gyms, salons and spas in recent weeks than they have in more than a year. Consumer spending accounts for more than two-thirds of economic demand and is an important element of the recovery.
“Fear is subsiding, and American households are sitting on a lot of cash” from stimulus checks and savings from reduced spending on vacations, commuting and child care, said Dr. Bovino. “That’s going to support spending, especially in the services sector.”
Friday’s report showed hiring rose in most industries, led by a gain of 280,000 in the category that includes restaurants and hotels. Employment also rose sharply in construction, most manufacturing sectors and public and private schools. Temporary help and auto manufacturing, where a semiconductor shortage has idled assembly plants, were weak spots.
Nearly two million fewer Americans reported last month they were unable to work because their employer closed or lost business due to the pandemic and 500,000 less said they couldn’t seek work due to the pandemic. The share of employees who worked remotely due to the coronavirus also declined last month, the Labor Department said . . . .
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https://www.wsj.com/articles/march-j...21-11617314225
6% unemployment would have been considered decent in times past. Once we though 5% unemployment was "full employment" until we achieved much lower levels.
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