California’s poverty rate improves but still high

California leads the nation in poverty among its residents, but it’s also seen the biggest drop in its poor, according to new Census Bureau data released Tuesday.

An average 6 million Californians had incomes below poverty levels between 2018 and 2020, the highest count in the U.S., according to the bureau’s Supplemental Poverty Measure. That count was down 704,000 from 2017-2019 — the nation’s largest drop.

This relatively new survey by the Census Bureau dates to 2009, and is adjusted for the varying cost of living among the states. Texas had the second-most impoverished population at 3.6 million, followed by Florida at 3 million.

The bureau’s three-year poverty metric includes government assistance programs as part of a household’s income, along with affordability factors, which are key reasons why high-cost California is often ranked at the bottom.

State’s jobless claims edge down

First-time unemployment claims for benefits dropped slightly in California last week, showing a small improvement after the end of a supplemental benefits payment provided by the federal government, a new report showed Thursday.

California workers filed 55,000 initial claims for unemployment during the week ending Sept. 11, a drop of 2,500 from the claims filed over the week ending Sept. 4, the U.S. Labor Department reported.

Nationwide, workers filed 332,000 initial claims for unemployment last week, an increase of 20,000 from the week before. The nationwide numbers were adjusted for seasonal variations.

Some experts predict jobless claims in California would start to trend lower after the termination on Sept. 4 of a $300 weekly federal supplement for unemployment claims.

Hiring a challenge worldwide

Businesses around the world want to hire but face a similar dilemma: attracting workers.

A survey of nearly 45,000 employers across 43 countries showed 69% of employers reported difficulty filling roles, a 15-year high, according to employmentservices provider ManpowerGroup Inc. At the same time, 15 countries — focused in Europe and North America — reported their highest hiring intentions since the survey began in 1962.

Businesses across all surveyed countries reported stronger hiring outlooks for the end of this year compared to the final three months of 2020.

“Continued talent shortages mean many businesses are prioritizing retaining and training workers with the skills they need to succeed as the economic recovery continues,” Jonas Prising, chief executive officer of ManpowerGroup, said in a statement.

About 40% of respondents said they offer training and skills development to attract and retain talent. A similar share reported offering flexible work schedules. Nearly a third increased wages. Others offered signing bonuses and more vacation time.

Poll: Pandemic fears lingering

The U.S. labor market has dramatically improved since the coronavirus outbreak first swept the nation more than a year and a half ago, but a new Bankrate poll finds that Americans are still worried about its lingering effect on the economy — and their wallets.

Nearly 2 in 5 Americans (or 39%) cited the pandemic as the dominant threat to the economy over the next six months. That fear trumped the political environment in Washington (21%) by almost twofold. Worries about inflation (14%) came in a distant third. Illustrating the concern, more than 3 in 5 Americans (or 63%) are worried that those threats could negatively affect their jobs or incomes over the same time frame, the poll found.

“Americans continue to see the coronavirus pandemic as the biggest economic threat of the next six months, and 63% of Americans are concerned about their jobs and incomes taking a hit,” says Greg McBride, CFA, Bankrate chief financial analyst. “Nervous households are less likely to spend, and recent pullbacks in travel and consumer discretionary purchases bear this out.”