Business Report: Potential hiring boom, tax credit bill, United Airlines protest, IRS refunds

Economists predict jobs reports will show major gains

This week we may see evidence of a hiring boom. With two reports on the labor market due, economists are looking for big gains. They expect Friday’s monthly jobs report from the government will show that 1 million new jobs were added to the economy in April, thanks to states rolling back COVID-19-related restrictions. On May 5, New Jersey-based ADP will issue its monthly jobs report and economists predict the report will show an increase of 800,000 new jobs.

State lawmakers are scheduled to consider a bill Wednesday that would incentivize companies to hire people who are out of work. The bill would provide smaller companies with a tax credit if they give unemployed workers a full-time job. The legislation is before the Assembly Commerce and Economic Development Committee.

Members of Congress, including several New Jersey lawmakers, joined the labor union Unite Here to protest United Airlines’ potential plans to outsource more than 2,500 catering jobs. Lawmakers argued that the airline was given $7.7 billion in relief from the federal government, with the money supposed to be used to keep workers on the payroll. At a press conference Tuesday, lawmakers also criticized United for paying executive bonuses.

The IRS will start sending out refunds this month to those who are eligible for a tax break on their unemployment benefits. This affects those people who filed their 2020 income taxes early, before Congress passed a law excluding $10,200 of unemployment benefits from tax.

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