As was the case with the Great Recession, some workers took years to fully recover economically and some never did. – Advertisement – While the rise from the depths of six months ago has been significantly better than expected, the Service industries—the bulk of the economy—nearly halted hiring in October, the trade group Institute for Supply Management said earlier this week that the service industries which make up the bulk of the U.S. economy just about ceased hiring in October. The scheduling-software company Homebase reported that small-business payrolls fell in the second half of October. And although some workers are doing fine in the Pandemic Recession, even doing better financially, others are struggling with no good prospects in the immediate future or longer. Without further congressional stimulus directed toward their needs, many of these workers will face even more desperate times. The Wall Street Journal reports:Just months ago, economists were predicting a V-shaped recovery—a rapid rebound from a steep fall—or a U-shaped path—a prolonged downturn before healing began.What has developed is more like a K. On the upper arm of the K are well-educated and well-off people, businesses tied to the digital economy or supplying domestic necessities, and regions such as tech-forward Western cities. By and large, they are prospering.On the bottom arm are lower-wage workers with fewer credentials, old-line businesses and regions tied to tourism and public gatherings. They can expect to bear years-long scars from the crisis. Unemployment rates differ by race and sex. (October percentages in bold; September percentages in [brackets and italics].) Adult men: 6.7% [7.4%]; Adult women: 6.5% [7.7%]; Whites: 6.0% [7.0%]; Blacks: 10.8% [12.1%]; Asians: 7.6% [8.9%]; Hispanics: 8.8% [10.3%]; American Indians: Not counted monthly.• Average hourly earnings of private-sector production and nonsupervisory employees rose in October by 5 cents an hour to $24.82.• Average hourly earnings for all employees on private nonfarm payrolls in October rose 4 cents an hour to $29.50.• Average work week for all employees on nonfarm payrolls remain unchanged at 34.8 hours in October.• The manufacturing work week in October rose by 0.3 hours to 40.5 hours.October job gains and losses for selected categories:Education and health services: 57,000° Health care & social assistance: 79,000Manufacturing: 38,000Professional and business services: 208,000Temporary help services: 108,700Transportation & warehousing: 63,200Financial activities: 31,000Leisure & hospitality: 271,000Information: -3,000Retail trade: 103,700Construction: 84,000Mining and Logging: 1,000Government at all levels: -268,000 Here are more data from the October jobs report:The civilian workforce rose in October by 724,000 after falling by 695,000 in September. The labor force participation rate fell by 0.3 to 61.7%. The employment-population ratio rose 0.8 to 57.4% in October.- Advertisement – It should noted that each monthly jobs report is based on two surveys—of people and of business establishments—taken in the week that includes the 12th of the month. In other words, the information the report is based on is 3 weeks old.Olugbenga Ajilore, a senior economist at the left-leaning Center for American Progress, told The Washington Post Thursday. “The economy is at a very tenuous moment. Because there’s no further fiscal relief, we could go back and have another downturn and a loss in GDP. So a lot of it is very dependent on what the federal government does. The economy is still struggling and a lot of people within the economy are still struggling.”- Advertisement – – Advertisement –
Surprise: Mine worker’s partner buys a house while he’s away MORE NEWS: Inside the Gold Coast mansion where sports are king A virtual tour was enough for the buyer from Canberra to know this was the home they had been dreaming of. More from news02:37Gold Coast real estate: Custodian CEO John Fitzgerald urges Australians to buy more property now16 Sep 202002:37How COVID has changed spring buyer wishlists5 Sep 20207 Tawarri Crescent, Burleigh Heads sold for $2.415 million through Conal Martin of Kingfisher Realty.The 7 Tawarri Cres property page on realestate.com.au was visited more than 20,000 times.The sales campaign resulted in an interstate buyer paying $2.415 million for the house – a record for a non-beachside property in Burleigh – despite not being able to visit the home.“A virtual tour was enough for the buyer from Canberra to know this was the home they had been dreaming of,” Mr Martin said.“Like many southerners, they are yearning for warm winter days and are excited to start their new life in a city that epitomises work-life balance. “With the Federal Government announcing its HomeBuilder package and the market showing positive signs coming out of the Covid-19 lockdowns, the search for properties for sale will continue to climb in coming weeks and deliver a surge of sales as we get closer to Christmas.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 2:31Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -2:31 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenIs it a good time to list?02:31BEACHSIDE property agents are tipping a surge in interstate buyers searching for a new way of life on the back of a coronavirus reality check.With the number of searches for properties for sale on property website realestate.com.au almost 50 per cent higher than a year ago, Gold Coast real estate agency Kingfisher Realty has witnessed a spike in enquiries from southerners grappling with living in lockdown in Australia’s biggest cities. Kingfisher Realty founder Conal Martin says the Gold Coast has always been a magnet for southerners but the amount of enquiries we’ve had in recent weeks has gone to a new level Kingfisher Realty founder Conal Martin said the combination of social restrictions, travel bans and evolving work arrangements had many Sydneysiders and Melbournites questioning the cost of big-city living.“The Gold Coast has always been a magnet for southerners but the amount of enquiries we’ve had in recent weeks has gone to a new level,” he said.“There is a definite appetite for change among the people we are speaking to and that change is being driven by how the coronavirus lockdown has impacted their lives.“Being largely restricted to their homes has reinforced the negative aspects of living in a metropolis, with many looking across the border at the incredible lifestyle we have on the Gold Coast and where their real estate dollars can go a lot further. 7 Tawarri Crescent, Burleigh Heads recently sold to a buyer from Canberra for $2.415 million.“Instead of paying a fortune to live on a tiny block or being forced to commute for hours each day, they are attracted to the Gold Coast where they can live close to our beautiful beaches for a fraction of the cost.Mr Martin’s prediction comes as realestate.com.au continues to see searches of regional properties for sale including those on the Gold Coast soar.Kingfisher Reality has witnessed the thirst for homes in beachside suburbs first-hand, with the sale of a luxury property in Burleigh Heads attracting a record number of online views.