CUInsight CO-Founder Randy Smith is joined by Jill Nowacki, President and CEO of Humanidei for a quick interview with just 3 questions:(0:57) What is your company doing to support credit unions and their members during the COVID-19 crisis?(3:12) How do you think that COVID-19 might affect credit unions and the way that we do business in the long-term?(5:20) What tips do you have for staying sane during trying times?Click here to learn more about Humanidei! 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Randall Smith Randall Smith is the co-founder of CUInsight.com, the host of The CUInsight Experience podcast, and a bit of a wanderlust.As one of the co-founders of CUInsight.com he … Web: www.CUInsight.com Details
“We are on the back end of the first wave of layoffs, but now we are transitioning from the natural-disaster phase to the recession phase,” said Josh Wright, chief economist at Wrightside Advisors in New York. “That’s why so many white collar jobs are still being lost. We effectively amputated a large section of the economy, and we are going to limp along afterwards.”Initial claims for state unemployment benefits likely totaled a seasonally adjusted 2.5 million for the week ended May 9, according to a Reuters survey of economists. While it still would be an astoundingly high number, that would be down from 3.169 million in the prior week. Claims have been gradually decreasing since hitting a record 6.867 million in the week ended March 28.Last week’s filings would lift the number of people who filed claims for unemployment benefits to about 36 million since March 21, nearly a quarter of the working age population. Still, April was probably the trough in job losses during this downturn, which has also been marked by the sharpest decline in output since the 2007-09 Great Recession.Application backlogs The global novel coronavirus crisis continues to batter the United States labor market, with millions more Americans, including white collar workers, expected to have filed for unemployment benefits last week as the hit from the pandemic spills over into a broader swath of the economy.Thursday’s weekly jobless claims report from the Labor Department, the most timely data on the economy’s health, would cement economists’ expectations for a third straight month of massive job losses in May. The report would come a day after Federal Reserve Chair Jerome Powell warned of an “extended period” of weak growth and stagnant incomes.The economy lost a staggering 20.5 million jobs in April, the steepest plunge in payrolls since the Great Depression of the 1930s, as businesses were locked down to slow the spread of COVID-19, the respiratory illness caused by the virus. In addition to workers in industries and jobs not initially affected by the coronavirus shutdowns, economists attribute the continued elevation in claims to the processing of application backlogs, which accumulated as state unemployment offices were overwhelmed by the unprecedented wave of applications.Many parts of the country are reopening and states and local governments are laying out plans to restart their economies. But with businesses and factories operating well below capacity, and fears of a second round of COVID-19 infections, economists do not anticipate a dramatic improvement in the labor market.Some businesses have accessed loans from an almost US$3 trillion fiscal package, which could be partially forgiven if they used the credit for employee salaries. But many small enterprises are expected to close permanently, leaving some of the 21.4 million people who lost their jobs in March and April out of work.To gauge the depth of the unemployment problem, attention will shift to the number of people staying on jobless benefits rolls.Thursday’s claims report is expected to show the number of people receiving benefits after an initial week of aid raced to a record 25.1 million in the week ended May 2 from 22.647 million in the prior week, according to the Reuters survey.The so-called continuing claims data is reported with a one-week lag.“We would expect a peak should arrive sometime in late May or June, with continuing claims falling as rehiring resumes,” said Andrew Hollenhorst, an economist at Citigroup in New York. “The speed of the decline will indicate how fast rehiring is occurring.”The unemployment rate jumped to 14.7 percent in April, breaking the post-World War Two record of 10.8 percent touched in November 1982, from 4.4 percent in March.A broader measure of unemployment, which includes people who want to work but have given up searching and those working part-time because they cannot find full-time employment, surged to 22.8 percent last month from 8.7 percent in March.Topics :
Yvette Clarke NEW YORK, CMC – Caribbean American Democratic Congresswoman Yvette D. Clarke says the US House of Representatives has enough votes to impeach President Donald Trump, as efforts continue in the impeachment probe.“In all likelihood, we have the votes,” Clarke, the daughter of Jamaican immigrants, told the Caribbean Media Corporation on Saturday, stating that 236 members of the House of Representatives have “indicated that they support the inquiry.”A simple majority vote by the full House of Representatives, where Democrats outnumber Republicans 235-198 (in addition to one independent and one vacant seat), would be required to impeach Trump, according to the US Constitution.At present, six US House of Representatives’ committees are probing Trump’s alleged misconduct that could result in impeachment. Clarke, the representative for the 9th Congressional District in Brooklyn, New York, said, while Democrats are confident of the votes to impeach Trump, they are going through the formality. “The committees have subpoenaed witnesses,” she said. “Then, it’ll (process) eventually move to the floor (for the vote on impeachment).“It’s a matter of building the case,” Clarke added. “We are making sure that the American people are fully informed (about Trump’s alleged wrongdoings).”If the House votes to impeach the president, the articles of impeachment go to the Senate for trial, at which the chief justice of the US Supreme Court presides, the US Constitution states.It says that two-thirds of the members of Senate are required to convict the president. If he’s convicted, he’s removed from office.However, Trump may have history on his side, because no previous impeachment inquiry has resulted in a conviction in the Senate. Former US presidents Bill Clinton and Andrew Johnson were acquitted in the Senate. Former President Richard Nixon resigned before the House voted on impeachment.Speaker of the US House of Representatives Nancy Pelosi, Democrat of California, on September 24, initiated an impeachment inquiry against President Trump in the wake of revelations that Trump and top administration officials had allegedly put pressure on leaders of foreign countries, primarily Ukraine, aimed at advancing the president’s personal interests.A whistleblower report, which has implicated Trump’s personal lawyer Rudolph Giuliani and US Attorney General William Barr, has alleged widespread abuse of power and cover-up by Trump and his administration.The report also alleged that Trump and Giuliani pressured the Ukrainian Government to probe former US Vice President Joe Biden and his son, Hunter. Joe Biden is among the leading Democratic candidates for the 2020 US Presidential Election.