60% Tech Workers Willing To Take Pay Cut For Permanent WFH

1/5/2021

803,000

The number of Americans filing new claims for state unemployment benefits unexpectedly dropped to 803,000 in the week ending Dec. 19 — a decrease of 892,000 from the previous week’s revised level, the U.S. Department of Labor reported. The most recent figures noticed a retreat from a three-month high. According to WSJ, continuing claims, which track the aggregate total of Americans applied for jobless benefits, fell to a seasonally adjusted 5.3 million during the week ending Dec. 12, a drop of 170,000 from the prior week. Furthermore, for the week ending December 19, 397,511 workers filed for benefits under the PUA (Pandemic Unemployment Assistance), a program for the self-employed and gig workers, the report shows.

60%

Considering the November survey of 600 tech workers, from Indeed, the job search platform found that 60% of respondents are completely willing to take a pay cut to work remotely for permanent and while 40% of the people are not willing to take the opportunity. The Seattle-based real — estate search firm Zillow, told that 5,600 employees in the month of October have chosen to relocate from their current city, but their pay wouldn’t be adjusted. This change is not to save money, this change is to help retain employees, said Zillow Group’s Vice President of People and Culture, Dan Spaulding. Considering the announcement, 50 employees have decided to move to a different state, then the company has thought to accomplish the pay model by the end of 2021, according to the Wall Street Journal.

1%

The U.S. economy shrank by a stunning 9% from April to June 2020 — partly pushed by a 15.8% drop in manufacturing facility output throughout April. The U.S. manufacturing output rose 0.8% in November, the seventh straight monthly gain — boosted by strong auto manufacturing, Bloomberg reported. Economists anticipate that continuing recovery to help gross domestic product by 1% in the final trimester of the year. According to the baseline scenario, the GDP is expected to increase at just 0.6 percent on an annual basis as the economic activity is expected to remain constant due to continuing restrictions on the free movement of goods and people beyond the lockdown period. Manufacturing services has been reduced to a quarter and services activity dropped approximately by 18 percent.

0.4%

U.S. consumer spending on goods and services fell 0.4% in November after a revised 0.3% gain in the prior month, the Commerce Department reported. The decline in November was dropped for the first time in seven months and it’s worse than market forecasts of a 0.2 percent fall. Personal income — Americans earned from wages, investments and government aid programs fell 1.1% in November after a revised 0.6% decline in the previous month. The drop was led by fading effects of federal aid programs, according to the WSJ. The November report showed that customers cut purchases of goods like new motor vehicles, clothing and footwear, food services and accommodations as well as in electricity and gas. While spending increase in take-out orders from restaurants, but spending on eating out dropped in the month.

10%

According to the U.S. Environmental Protection Agency estimation, the agriculture sector will account for 10% of U.S. greenhouse gas emissions. Big agriculture companies including Bayer AG, Nutrien Ltd. and Cargill Inc. are jockeying with startup companies to pay farmers for capturing greenhouse gases in fields, the WSJ reported. Global greenhouse gas emissions by sectors such as Industry has 21%, agriculture, forestry and other land use have 24%, transportation has 14%, buildings has 6% and other energy has 10% of 2010 global greenhouse gas emissions. For most of the companies, there is no U.S. federal requirement to balance their greenhouse gas emissions, even if you are buying credits from farmers or other means.

88.6

U.S consumer confidence index dropped to 88.6 this month from 92.9 in November, the Conference Board said. The figure is the lowest level since August and marked the second-lowest reading since the pandemic begins. Consumers’ assessment of current conditions declined sharply in December. According to the Conference Board survey data - the present situation measure, based on consumers’ assessment of current business and labor market conditions, fell from 105.9 to 90.3. While, the expectations index — based on consumers' short-term outlook for income, business and labor market conditions, increased from 84.3 in November to 87.5 this month, the WSJ reported.

2.5%

U.S existing home sales fell after five months of strong gains. The National Association of Realtors said that US existing home sales fell 2.5% in November to a seasonally-adjusted rate of 6.69 million. The figure marked the first monthly decline since May. However, compared to November 2019, sales of existing homes are now up 25.8%. The average price of an existing home sold in November was $310,800, up 14.6% from a year earlier. For most of the sellers, they have a relation with buyers. This could be the main reason, why the sales are getting declined, said Lawrence Yun, NAR’s chief economist.