As of 8:30AM on March 26th, according to Bloomberg news there were 3.3M jobless initial claims in the previous week. Yahoo Finance reports the current record for the number of initial unemployment filings in a single week is 695,000, seen back in October 1982. There has been some concern in the system’s ability to deliver due to so many claims being processed at once. The forecasts were originally around 4M from some sources so the actuals were better than originally thought. That being said I personally know our team has received numerous calls with freshly terminated people that couldn’t login to their system.
Image and the full report can be viewed here: https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20200510.pdf
Bloomberg also said Wal-Mart was able to easily fill 25,000 jobs within one week due to the overwhelming amount of new supply of workers in the marketplace. Prior to this, the market was tight on hourly workers. We can now make the assumption that this will ease the constraint on Tire dealers and they should now be able to fill job vacancies in the coming months. (The obvious is perhaps they may not have the demand at the moment to hire but it should help ease the pain) During this time we want to look at the silver lining.
Tire Talent’s Unique Take in conversations in the past week:
- 3 executive level placements were successfully signed in the past week. (Vital roles are still being filled)
- 90% of our clients have paused their searches with our firm
- 90%+ of our manufacturing clients headquarters have gone fully remote
- Many companies are struggling to maintain seamless continuity as their teams are not used to being remote
- Due to the lag in business, many people are easier to reach over the phone and by email. This is positive because that means this is a great time to build relationships and rapport with prospective employees and business partners
Moving forward…. We’re thankful to all of the frontline employees that continue to sacrifice and show up to work every day and encourage all retail and service businesses to maintain health and safety as the top priority. (Written by Mike Cioffi the founder of TireTalent.com)
Read the full report here: https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20200510.pdf