All about risk
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Excerpt:
The number of people with a disability who were employed in January spiked by 27% from January 2020, to 7.29 million in January — with December at 7.37 million having been the highest in the data from the BLS going back to 2008:
Author(s): Wolf Richter
Publication Date: 3 Feb 2023
Publication Site: Wolf Street
Link: https://siepr.stanford.edu/publications/working-paper/impacts-covid-19-illnesses-workers
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Excerpt:
We show that Covid-19 illnesses persistently reduce labor supply. Using an event study, we estimate that workers with week-long Covid-19 work absences are 7 percentage points less likely to be in the labor force one year later compared to otherwise-similar workers who do not miss a week of work for health reasons. Our estimates suggest Covid-19 illnesses have reduced the U.S. labor force by approximately 500,000 people (0.2 percent of adults) and imply an average forgone earnings per Covid-19 absence of at least $9,000, about 90 percent of which reflects lost labor supply beyond the initial absence week.
Author(s):
Gopi Shah Goda
Evan J. Soltas
Publication Date: Sept 2022
Publication Site: Stanford University, Stanford Institute for Economic Policy Research (SIEPR)
Excerpt:
Illness caused by Covid-19 shrank the U.S. labor force by around 500,000 people, a hit that is likely to persist if the virus continues to sicken workers at current rates, according to a new study released Monday.
Millions of people left the labor force — the number of people working or looking for work — during the pandemic for various reasons, including retirement, lack of child care and fear of Covid. The total size of the labor force reached 164.7 million people in August, exceeding the February 2020 prepandemic level for the first time. The labor force would have 500,000 more members if not for the people sickened by Covid, according to the study’s authors, economists Gopi Shah Goda of Stanford University and Evan J. Soltas at the Massachusetts Institute of Technology.
“If we stay where we are with Covid infection rates going forward, we expect that 500,000-person loss to persist until either exposure goes down or severity goes down,” said Mr. Soltas. That assumes that some of those previously sickened eventually return to work.
Author(s): Gwynn Guilford
Publication Date: 12 Sept 2022
Publication Site: WSJ