‘Who pays for this?’

Associate Professor of Economics Alexander Bick and his co-author used in their new study survey data to provide a more timely reading on U.S. employment than the government does.

Associate Professor of Economics Alex Bick and his co-author Adam Blandin of Virginia Commonwealth University used in their new study survey data to provide a more timely reading on U.S. employment than the government does. Bick and Blandin report, “The first wave of our survey covers the week of March 29-April 4. Our findings reveal unprecedented changes in the U.S. labor market.”

In this story published April 17, 2020, in The Wall Street Journal:

The employment rate decreased from 72.7% to 60.7%, implying 24 million jobs lost... The unemployment rate increased from 4.5% to 20.2%... Those who still have their jobs are working fewer hours; 21% report a decline in earnings.