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Illinois unemployment fund faces potential $8 billion deficit

[Illinois Policy, AP] Historic unemployment payouts related to the COVID-19 shutdowns left Illinois’ fund billions in the hole. State leaders did nothing to fix it, meaning there could be reduced benefits for the unemployed or higher taxes on employers trying to recover. Illinois business leaders are worried after Springfield lawmakers twice passed a state budget, […]

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People are quitting their jobs at record rates. That’s a good thing for the economy.

[CBS NEWS] For two years, John White has been trying to get a permanent job at the company where he’s a contractor, but his applications to open positions there have been rejected five times. Company policy forbade contractors from working remotely during the pandemic, so even while his colleagues worked from home, White has been […]

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Meet 2 Americans who just lost unemployment benefits as thousands of workers are cut off from $300 per week

[Business Insider] As of June 19th, a dozen states have prematurely ended their federal unemployment benefits.Those $300 weekly benefits weren’t set to expire until September, but 25 GOP-led states have opted out.Workers in Missouri and Alabama, two states where benefits ended, tell Insider they need assistance.Eight more states are ending their federal unemployment benefits today, […]

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Cryptocurrency trading is stopping people from looking for full-time jobs: CareerBuilder CEO

[Yahoo! Finance, Shutterstock] The 559,000 jobs the U.S. added in May continue to puzzle economists, who predicted 675,000 additions for the month and 1 million additions a month earlier as the economy recovers. They’ve put forth explanations from lack of child care to persistent COVID-related safety concerns. Now, another culprit can be added to the list: Some potential workers are instead […]

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Workers could face new burnout symptoms when returning to the office—here’s how employers can help

[CNBC, GETTY IMAGES] A year after many companies announced their summer 2021 building reopening dates, organizations across the country are now bringing their employees back to the office — with mixed results. Some employeeshave enjoyed the flexibility of working from home so much that one survey of 1,000 U.S. adults found 39% would consider quitting […]

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Teen employment could hit record highs in 2021

[Business Insider, Getty Images] US business owners flock to hire young workers in a tight labor market 2021 could be a record year for teen employment in the US.Small business owners say they are leaning on younger workers as the labor shortage intensifies.As a result, teen employment rates are soaring. Teen employment rates in the US […]

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Business leaders, economists sound alarm about shrinking labor force

[ABC NEWS] WASHINGTON (SBG) — As summer begins and states lift pandemic restrictions, the biggest challenge employers and local economies face is a lack of available workers, according to a new report by the U.S. Chamber of Commerce.  “All the signs point to a really tight labor market,” U.S. Chamber of Commerce Vice President Neil […]

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America’s worker shortage is real and getting worse by the day, US Chamber CEO says

(CNN Business) The US Chamber of Commerce on Monday announced a nationwide initiative to address the worker shortage in the US, calling the crisis the most critical and widespread challenge facing businesses. The initiative, called “America Works,” aims to mobilize industry and government to “swiftly address America’s deepening worker shortage crisis.” JPMorgan Chase CEO Jamie Dimon suggested […]

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Wage rises and labor shortage are a ‘democratization’ of U.S. workforce, fund manager says

[CNBC, GETTY] While the U.S. labor force participation rate remains well below pre-pandemic levels, with April’s nonfarm payrolls growing by just 266,000 against forecasts of 1 million, workers’ wages have risen at their sharpest pace in years, and new unemployment filings continue to fall.McDonald’s, Chipotle, Bank of America and Under Armour are among the companies […]

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