Jobs

The big picture

The aging future of work

The tightening labor market is opening up new opportunities for American workers over age 50.

Feb 12, 2020
Unemployment fell to 50-year low in 2019 but wages stagnated

Wages grew by 2.9%, the lowest rate in a year and a half.

Jan 13, 2020
Americans are moving less

The traditionally mobile young are hemmed in by housing costs.

Dec 31, 2019
An unsettling future for millions of American jobs

For decades, the job market has seen steady polarization.

Dec 19, 2019
America's worker deserts

The "good news" story of the strong labor market has a big downside.

Aug 30, 2019
Deep Dive ... The new gig: America's hidden economy

A growing number of them aren't 9-to-5 employees.

Apr 27, 2019

All Jobs stories

The unexpected consequences of the pandemic

Illustration: Sarah Grillo/Axios

We know COVID-19 will fundamentally alter the world, but those changes may not be the ones you expect.

The big picture: While much of the focus has been on the rush to remote work in the early stages of the pandemic, the longer-term consequences of COVID-19 may have more to do with how we keep ourselves healthy than how we work.

Go deeperArrow4 hours ago - Health

Very small businesses are bearing the brunt of the coronavirus job crisis

Photo: Melina Mara/The Washington Post via Getty Images

Small businesses were responsible for the entirety of the 27,000 net jobs that the private sector shed in March, according to a closely watched employment report by payroll provider ADP.

Why it matters: The extent of job losses is much worse than the ADP survey suggests, as it was conducted before states stepped up coronavirus containment efforts. But it shows that America's smallest businesses were hit hardest first, even as bigger corporations continued hiring.

The new labor movement

Illustration: Aïda Amer/Axios

The coronavirus pandemic has had a big impact on working people, who are increasingly banding together to put pressure on employers and raise public awareness about health and safety issues they're facing on the job.

Why it matters: After years of declining union membership, a new labor movement is rising, amplified by the power of social media and fueled by concerns that workers deemed essential during the crisis are putting their lives at risk to ensure the well-being of others.

Macy's to furlough 130,000 employees

Macy's flagship store in New York, March 24. Photo: John Lamparski/NurPhoto via Getty Images

Macy's will furlough the majority of its workers this week, as the company's stores remain closed due to the coronavirus outbreak, the Wall Street Journal reports.

Details: Macy's sales have seen a drastic decline, having shuttered its stores on March 18. The company employs about 130,000 people, per the Journal. It will retain workers for its e-commerce operations, distribution and call centers. The chain told staff it will continue to cover 100% of its employees' health care premiums at least through May.

Instacart workers set to strike during heart of coronavirus crisis

Illustration: Eniola Odetunde/Axios

Some Instacart workers plan to go on strike today, arguing that the grocery delivery unicorn's recent increases in pay and safety equipment are insufficient.

Why it matters: Instacart has become a lifeline for many Americans either unable or unwilling to leave their homes, particularly during the coronavirus pandemic.

How to understand the nightmare chart

Source: St. Louis Fed; Chart: Axios Visuals

It's the most stunning chart of this crisis yet — the number of people filing for unemployment spiked to 3.3 million last week, a number unprecedented in U.S. history.

Why it matters: This is a picture of what happens when a huge swath of the economy comes to a very sudden stop. But it tells us very little about how bad this recession is turning out to be. We're not going to get useful data on that for another month or so.

Why corporate welfare is distasteful, but necessary

Illustration: Sarah Grillo/Axios

It can be distasteful to see government bailout funds going to companies that have harmed workers, evaded taxes, degraded the environment and enriched their executives with socially useless financial engineering. But it's still necessary.

Why it matters: Vacations work in capitalist countries because employees remain on the payroll throughout and can seamlessly rejoin their employer upon their return. As millions of Americans embark on an involuntary vacation, the same principle applies.

Memo: Morgan Stanley promises no layoffs in 2020

Photo: Stephen Chernin/Getty Images

Morgan Stanley CEO James Gorman today pledged that the Wall Street firm will not reduce headcount in 2020, according to an internal memo seen by Axios.

Why it matters: Morgan Stanley employs around 60,000 people, and every job counts at a time when millions of people are losing them.

StubHub furloughs two-thirds of its workforce

Photo: Interim Archives/Getty Images

Online ticket resale firm StubHub confirmed on Wednesday that it had put a significant portion of its workforce on unpaid leave. Some 450 employees, two-thirds of StubHub's workforce, were affected, Business Insider reported.

The big picture: StubHub is just one of many tech companies whose business has dried up overnight because the coronavirus has decimated a wide swath of industries, from entertainment to travel to health and beauty.

Biggest spike in jobless claims in U.S. history

A record 3.3 million people filed for unemployment insurance last week, a sign that the coronavirus is causing joblessness like never before.

Why it matters: It’s the biggest spike in unemployment filings in U.S. history, as the pandemic causes businesses across the country to shut down.

Go deeperArrowUpdated Mar 26, 2020 - Economy & Business
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