We can officially declare the 9-to-5, five-days-a-week, in-office way of working dead. But offices themselves aren't dead. And neither are cities.
The big picture: Since the onset of pandemic-induced telework, companies have oscillated between can't-wait-to-go-back and work-from-home-forever. Now, it's becoming increasingly clear that the future of work will land somewhere in the middle — a remote/in-person hybrid.
Initial unemployment insurance filings fell below 800,000 for the first time since March last week, but the total number of Americans receiving unemployment benefits remained at nearly 30 million, data from the Department of Labor shows.
What's happening: While fewer people are filing initial jobless claims, there remains a staggering number of unemployment insurance recipients and the data are growing increasingly unreliable.
United Airlines' CEO Scott Kirby and union leaders asked Congress and the White House in a letter on Friday to restart talks on coronavirus aid, warning that United may be forced to furlough as many as 16,000 employees starting Oct. 1 if the current aid package is not extended.
The state of play: The federal government's payroll support program for airlines is set to expire on Sept. 30. White House Chief of Staff Mark Meadows in a meeting with airline executives on Thursday said President Trump would support a $25 billion extension to Congress' current aid package.
The clock is ticking for tens of thousands of anxious airline employees, who face mass reductions when the government's current payroll support program expires on Sept. 30.
Where it stands: Airline CEOs met Thursday with White House Chief of Staff Mark Meadows, who said President Trump would support an additional $25 billion from Congress to extend the current aid package through next March.
Americans were starting to fall off the rolls of unemployment. But Thursday's claims report shows the drop-off hasn't just stalled out — the trend continues to reverse course.
Why it matters: Skepticism about the underlying data remains. But economists are still worried about the high level of Americans relying on some form of unemployment benefits, which is once again rising six months after the pandemic hit, even as the economy has reopened.
Confidence in the U.S. economy remains below its early 2020 levels, though signs of a market bounce-back have improved Americans' views on current economic conditions this past month, according to a Gallup survey out Thursday.
Why it matters: Americans' satisfaction with the state of the union is holding close to historic lows, even as sentiments surrounding the U.S. economy slightly improve based on bright spots in employment numbers and stock market rallies. That, combined with President Trump's job approval rating — which rests below 50% — is "problematic" for his re-election ambitions.
New York City Mayor Bill de Blasio announced on Wednesday that all employees in his office, including himself, will be subject to a one-week furlough sometime between October and March.
The big picture: The pandemic is on pace to hit cities' finances even harder than the Great Recession. Many face no choice but to cut services, layoff or furlough workers and freeze capital projects.
Businesses are positioning themselves for an increasingly competitive landscape by doing everything they can to ramp up productivity and cast off excess costs.
Why it matters: Much of that cost savings will likely come from cutting jobs and adding new ones more slowly, as companies look to invest in new technology and what Carlyle Group's head of global research Jason Thomas calls intangibles.
Six months into pandemic-induced telework, employees' priorities are changing. Company culture seems to matter as much — if not more — to workers as getting promoted, says Amy Lavoie, who leads people science at Glint, a human resources platform owned by LinkedIn.
Why it matters: That's a seismic shift in the way Americans think about work — and it underscores the need for CEOs to pay close attention to culture during the pandemic and beyond.
The coronavirus pandemic has supercharged the freelance economy.
Why it matters: Millions of workers are freelancers by choice, but millions of others are wading into this riskier and less stable way of life because of the pandemic's economic turmoil.