Jonathan Bachman/Reuters
- Homebase, a software company that helps small businesses with scheduling, hiring, and more, made its data public in March after seeing the impact of the COVID-19 pandemic recession.
- A few months later — after nailing the monthly jobs report multiple times — it's one of the top high-frequency indicators that economists look to for forecasting the economic recovery.
- The data thus far shows that employment growth stalled further in August, just a few weeks ahead of the monthly jobs report from the US government.
- Visit Business Insider's homepage for more stories.
In March, as the coronavirus pandemic hit and led to sweeping shelter-in-place orders across the US, Homebase made a discovery.
The San Francisco-based software company — which helps small businesses with scheduling, hiring, and more — saw in its internal data that the lockdowns to contain COVID-19 were having a huge impact on its clients, leading to mass closures and slashing employee hours worked.
See the rest of the story at Business Insider
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See Also:
- US existing home sales surged a record 24.7% in July as the housing market recovery continued
- Millions of lost US jobs will go unreplenished for years, according to IRS forecast
- US weekly jobless claims defy economists and climb back above 1 million as the labor-market recovery slows
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