Job Loss, Financial Insecurities...

Job losses and economic insecurities are wreaking havoc on mental health. Furthermore, the uncertainties associated with the pandemic, political dysfunction, lockdown, loneliness, and isolation are stressing the basic fabric of Homo sapiens. And the destructive tolls of the Chinese Wuhan virus pandemic and related strains are not going away anytime soon. Many see the imploding stress manifesting into uncontrollable riots and demonstrations, wonton disregards for the police and authority, inhumane attack on the dignity and sanity of human civility. And, furthermore, the vitriolic election rhetoric is dumping gasoline on the flames burning and imploding human anger to breaking point… In essence, job loss and economic insecurities along with losing human dignity and respect will thrust our civilization into a world unimaginable... Not good.

Many lost jobs and their economic plight are bleak… But there is some ray of hope. Many business leaders are planning to hire in the Health and Safety, Freelancer, Remote Worker. And that demand is likely to likely increase. And there are pandemic specific job openings in popularity such as Covid-19 testers ($45 an hour), Covid-19 caregivers ($25/hr), Contact tracers ($25/hr), Temperature screeners ($25/hr), Law enforcement officer ($30/hr), Screen manufacturers and installers ($20/hr), Face-mask makers ($18/hr), and Zoom support specialists ($25 an hour). So, keep yourself productively engaged, serve yourself and your family, and distance yourself from the stress. God bless.

‘SMS’ Highlights of the week of 2020 (October 4 - October 10, 2020) 

1.  Job Losses and Financial Insecurities.          Job losses and financial insecurity are taking a toll on mental health during the pandemic. Since the Pandemic, it would be difficult to find someone who has not struggled with their mental health at some point due to job loss and economic uncertainty. Whether it's loneliness from isolation, stress over paying bills, or sadness about canceled plans… This a very stressful time. But for those who have lost a job or are working on the frontlines, it is even more difficult to deal with the daily stress, depression, and anxiety brought on by these unprecedented times. In mid-April 2020, the national unemployment rate reached 14.7 %—the highest since the Great Depression. And job insecurities are growing at an alarming rate… Fully 41 million American workers filed for unemployment between February and May of 2020. Even within the employed, it’s becoming clear the higher rates of anxiety than in individuals who indicated they were not employed. Workers’ health and concerns about COVID-19, and the extent to which people were engaging in social distancing or quarantine, show that job security and financial concerns are the significant predictors associated with anxiety and depression. It’s becoming evident the potential adverse consequences that job insecurity and financial concern affect employee mental health. Based on these findings, for those experiencing depressive symptoms during the pandemic, it may be particularly important for employers to be mindful and try to minimize feelings of uncertainty for the employees, as well as instilling hope or agency in employees. For those experiencing anxiety symptoms, employers could attempt to reduce financial concerns by allowing employees to continue to work even with reduced hours and income to ensure that employees do not lose their entire income.

2.  Now Hiring:        As the coronavirus has forced businesses, restaurants, stores, and theaters across the country to shut down, a quarter of American workers have filed for unemployment benefits. But Business leaders see increased hiring in these 3 areas: Health and Safety, Freelancer, Remote Worker. Work has changed drastically under the coronavirus pandemic, with millions of jobs eliminated and many more altered entirely.  McKinsey & Company surveyed 800 business executives globally about where they plan to increase hiring following the pandemic. While respondents spanned a full range of industries and nine countries, including the U.S., Australia, China, India, and the UK, their priorities were the same: health and safety; technology, and agile working.  More than four in five (83%) employers said they planned to hire for more health and safety roles in the coming months. Top positions within that included on-site distancing or sanitization monitors (73%), and workforce health and safety operators (48%). Meanwhile, more than two-thirds (68%) of respondents said they expected to hire more technology and automation professionals. The most sought-after areas of expertise within that included automation and artificial intelligence (35%), digital customer experience (26%), internet of things (24%), and the cloud (19%). However, the report found that more than 60% of workers in the U.S. economy cannot work remotely; “in less economically developed countries, the share of workers unable to work remotely is even higher.”  Looking for a specific job during the pandemic? Well, according to a list compiled for CNBC by Pollak, here are eight positions that are likely to only increase in popularity. 1. Covid-19 testers ($45 an hour), 2. Covid-19 caregivers ($25 an hour), 3. Contact tracers ($25 an hour), 4. Temperature screeners ($25), 5. By law enforcement officer ($30 an hour), 6. Screen manufacturers and installers ($20 an hour).  7. Face-mask makers ($18 an hour), 8. Zoom support specialists ($25 an hour).  

3.  Is the Chinese Economic Collapse Imminent…?     Many economic indicators are pointing to an imminent Chinese economic collapse. A series of Chinese real estate giants are facing bankruptcy. A new study on the Chinese real estate market reported by the state media paints a bleak picture: 76 of the largest real estate developers need to repay 2,500 trillion yuan ($367 thousand billion) in the next 12 months, including 177 trillion yuan ( $25.69 trillion in interest. And China is facing economic collapse due to a financial crisis caused by a shortage of US dollars. The global scorn and disconnect in retaliation for the Chinese virus pandemic, trade war, US sanctions on Hong Kong, biblical level devastation and famine by natural disasters, defaulting bank loans, money being pulled out of the Chinese stock market, lockdown, aging population, growing mistrust of Xi and CCP…, all are forecasting, looming economic collapse. And many global leaders are planning to sue China and demand liability for the novel Chinese Wuhan virus pandemic. 

Global Coronavirus status as of 10-9-2020:  36,700,000+ cases; 1,065,000 Dead;  US cases: 7,635,100+; US Dead: 213,200+  Details @: https://coronavirus.jhu.edu/map.html

US Market on 10/9/2020:   DOW-28,587; S&P500-3,477; NASDAQ-11,580; Gold $1,934.10; Oil: 40.51;   US 10-Year: 0.772% 

Mahalo. I welcome and value your thoughtful comments, “like” and “share” of this publication. 

~ S. Vincent Shin

    www.dhirubhai.net/in/vshin

“Stay Curious” and “Think for Yourself” and always decide on your own term. This is my research and analysis of the highlights of the events that shake, move, and shape the market and people. Perhaps you should take a closer look at them, do additional research and analysis if these are interesting to you. This “SMS” weekly Highlights is presented for general knowledge, the resource for management, and perhaps as a tool for career development, and building wealth.

References and Image credits to Bloomberg News, The Wall Street Journals, Getty image, AP Photo, Reuters, CNBC, NBC News, Auto Spies, Honolulu StarAdvertiser..., and special thanks to Image & Visual Consultant @U.Y. All references, news, and images are from open source and public domain.