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Jun 22, 2021 - Economy & Business

The age of the career-jumpers

Illustration: Eniola Odetunde/Axios

Staggering stat: 53% of Americans would switch to a role in an entirely new industry if they had to opportunity to retrain, according to Prudential's latest Pulse of the American Worker Survey.

Why it matters: We've told you about the "great resignation" — how upwards of 40% of U.S. workers may quit their jobs post-pandemic. That reshuffling in the labor market could be even more dramatic than companies are expecting because nearly half of workers want to jump fields, not just jobs.

Bryan Walsh, author of Future
Jun 21, 2021 - Economy & Business

The swoon in college enrollment

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Data: National Student Clearinghouse Research Center; Chart: Danielle Alberti/Axios

The pandemic's effects, along with a decline in the number of young adults, have depressed college enrollment, with community colleges bearing much of the brunt.

Why it matters: A college degree is becoming more important as the demand for higher skills sharpens. The drop in college enrollment — which is especially steep for Black and Latino students — is bad news for both the higher education industry and broader social mobility.

Bryan Walsh, author of Future
Jun 21, 2021 - Economy & Business

The "hub and spoke" future of the office

Illustration: Shoshana Gordon/Axios

As more companies lean towards a hybrid setup, many are cutting back their headquarters and putting smaller offices close to where workers are.

Why it matters: White-collar employees want flexibility, but they don't necessarily want to keep working from their bedrooms. Smaller satellite offices could give employees places to work without the pre-pandemic commute.

Tech startups keep workers remote but plan elaborate "bonding trips"

Worker retreats could include swimming with dolphins in Mexico. Photo: Eye Ubiquitous/Universal Images Group via Getty Images

Many tech startups are choosing to keep employees working from home and are pivoting to planning several elaborate company retreats per year to allow employees to meet and bond, the Wall Street Journal reported this week.

Why it matters: For many companies, corporate retreats are becoming a necessity as they try to figure out how to maintain company culture with remote employees.

Jerome Powell's take on the labor market

Jerome Powell. Photo: Susan Walsh/Getty Images

In the fog of all the takes on the Fed's rate liftoff timeline this week, chair Jerome Powell's view of the labor market got relatively little attention.

The big picture: At Wednesday's press conference, Powell continued to express confidence in strong employment growth throughout the rest of the year — along with a dose of humility about the forecasting.

Felix Salmon, author of Capital
Jun 17, 2021 - Economy & Business

How fraud shows up in economic statistics

Data: BLS, The Century Foundation; Chart: Axios Visuals

The fraud is not hard to see in economic statistics, once you realize it's there.

By the numbers: Before the pandemic, continued unemployment claims — the number of Americans claiming unemployment benefits for two weeks or longer — were counted at 2,152,733. That was one-third of the official number of unemployed Americans, as measured in the monthly household employment survey, which was 6,504,000.

Felix Salmon, author of Capital
Jun 17, 2021 - Economy & Business

How Arizona's unemployment office saw a decline in PUA claims

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Data: Arizona Department of Economic Security; Chart: Axios Visuals

Arizona has been particularly public about the anti-fraud controls in its unemployment office.

By the numbers: Arizona has said that it saw 570,400 initial PUA claims filed in the week ending October 10, 2020. A month later, after hiring ID.me to filter new applications, that number had plunged by 99% to 6,700.

Felix Salmon, author of Capital
Jun 17, 2021 - Economy & Business

A deep dive into unemployment fraud

Illustration: Sarah Grillo/Axios

Welcome to a special Axios Capital Deep Dive.

  • Last week, when I reported on the astonishing extent of unemployment fraud over the course of the pandemic, I was met with a chorus of both supporters and critics asking for more information on what has been going on.
  • So this week, that's what you're getting.

Immigration's role in America's labor shortage

Illustration: Annelise Capossela/Axios

America's labor shortage crisis has been exacerbated by immigration restrictions that have reduced the number of both skilled and unskilled workers.

Between the lines: Most of the labor scarcity blame has been aimed at expanded unemployment benefits, hard-to-find child care and low wages. But there is a fourth leg to the stool.

Bryan Walsh, author of Future
Jun 16, 2021 - Economy & Business

Corporate retreats are now a must

Illustration: Sarah Grillo/Axios

With more firms adopting remote or hybrid work practices, company-wide retreats are going from boondoggles to a necessity.

Why it matters: The pandemic showed that most white-collar employees can get their work done outside of an office, but a company's culture will wither without occasional face-to-face time.