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Iowa could see unemployment increase from Fed’s inflation-fighting

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Iowa could see unemployment increase from Fed’s inflation-fighting


Iowa’s unemployment charge could rise by 2023, although it’s unclear by how a lot, because the Federal Reserve makes an attempt to chill the financial system and pull the brakes on record-high inflation.

Iowa’s unemployment charge sits at 2.6%, the speed it was earlier than the pandemic. Most companies are having issue discovering employees to fill open positions, stated Joe Murphy government director of the Iowa Enterprise Council, which represents among the state’s largest employers.

Iowa has round 84,000 open jobs and round 44,700 folks unemployed, in line with Iowa Workforce Growth. Murphy stated companies are working to recruit employees exterior Iowa and hoping some individuals who left the workforce in recent times return.

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However the labor market in Iowa may change, because the Fed predicts the nationwide unemployment charge will rise from 3.7% to 4.4% by the tip of subsequent yr, a consequence of its aggressive rate of interest will increase hoping to curb inflation.

Persons are additionally studying…

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In August, Iowa’s unemployment charge ticked up by 0.1% to 2.6%. An extra 1,300 Iowans left the workforce, with the most important purpose being a want to attend college, in line with Iowa Workforce Growth.

The Fed raised the goal federal funds rate of interest by one other 0.75 proportion factors final week, and charges are anticipated to rise extra all year long. The benchmark charge impacts rates of interest on bank cards, mortgages, and different kinds of loans.

Greater rates of interest improve the price of doing enterprise, which results in a slowdown in all facets of enterprise, together with hiring and typically resulting in layoffs. That’s a part of the objective: In remarks final week, Fed Chair Jerome Powell stated the speed improve will result in a “softening of the labor market” which is meant to carry demand in keeping with provide, placing a damper on inflation.

John Winters, an economist at Iowa State College, stated the extent to which unemployment will increase relies on the severity of the Fed’s rate of interest will increase.

“If it’s exhausting to scale back inflation they usually maintain having to boost increasingly more, greater than they at the moment count on, then that can result in extra job losses, probably, than they count on,” he stated.

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Iowa bucks nationwide traits

Murphy stated Iowa will most likely see “just a little little bit of an uptick” in unemployment, however the state and companies are effectively located to face up to the worst results of a possible recession.

“We predict we might be hopefully insulated sufficient from a few of these [national] and even worldwide occasions which might be inflicting financial headwinds to blow our approach,” he stated. “We’ll actually be impacted, however to what stage, I believe, is the final word query.”

Murphy and different consultants pointed to Iowa’s resilience throughout different nationwide recessions, together with the 2008-2009 recession. Throughout that point, the nationwide unemployment charge peaked at 10% in October of 2009. Iowa’s charge stayed under nationwide charges over these two years and peaked at 6.6% between Could and August of 2009.

Iowa’s unemployment charge reached 10.5% in April 2020, the worst month of the early pandemic-fueled layoffs, whereas the nationwide charge shot as much as 14.7%.

“Popping out of the monetary crises in 2008-2009 Iowa had an unemployment charge decrease than 40 different states and effectively under the nationwide stage,” Iowa Affiliation of Companies Vice President for Public Coverage JD Davis stated in an electronic mail. “That is due partly to the efforts of coverage makers in Iowa to diversify our financial system and insulate Iowans from financial downturns.”

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Lending industries hit first

Jeff Eckhoff, a spokesperson for Iowa Workforce Growth, stated in an electronic mail the division is paying shut consideration to rates of interest’ impact on employment, particularly in industries that lend or rely upon lending. Winters stated banking, actual property and development might be potential areas of contraction.

The credit score trade has already been impacted as demand decreases or corporations count on demand to lower, Eckhoff stated.

Mortgages are one space the place the speed will increase are being felt starkly: As rates of interest on mortgages attain a 30-year excessive, demand nationally dropped 29% since final yr, in line with CNBC.

“There’s much less mortgage loans, but additionally different loans,” Winters stated. “Take into consideration companies. Some companies if they will borrow at 3.5% possibly they do it, in the event that they’ve obtained to borrow at 6.5% possibly they don’t.”

Wells Fargo has reduce practically 400 jobs because the starting of this yr, with many within the dwelling lending sector, in line with stories. The monetary providers firm stated in a press release to KCCI earlier this yr the layoffs in its dwelling mortgage sector had been the results of pure adjustments to the house lending setting.

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“We recurrently evaluate and alter staffing ranges to align with market circumstances and the wants of our companies,” Wells Fargo spokesperson Mike Slusark stated in a press release. “We work exhausting to determine alternatives for workers in different elements of the corporate so we are able to retain as many staff as doable.”

Reemployment course of

Below a brand new Iowa legislation handed this yr by the Republican-led Legislature, Iowans who’re eligible for unemployment advantages can solely obtain them for 16 weeks, down from the earlier 26 weeks.

Gov. Kim Reynolds stated the change would assist bolster Iowa’s workforce and fill the 1000’s of open jobs within the state. Democrats stated the legislation was unhealthy for employees and harm unemployed Iowans.

Iowa Workforce Growth ramped up its efforts to match unemployed Iowans with open jobs this yr, Eckhoff stated, by its Reemployment Case Administration system. The company reaches out to new jobless claimants throughout the first week and requires conferences with profession advisors. The company additionally connects Iowans with apprenticeship and coaching applications and apprenticeships.

For employers, Iowa Workforce Growth provides a program that enables employers to unfold hour discount amongst a number of staff, and the workers can use unemployment insurance coverage to make up a few of these misplaced wages.

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“When layoffs are vital, IWD makes use of a fast response crew to assist streamline the unemployment course of as a lot as doable for departing employees.”

As Iowa companies and employees look to the longer term, the prevailing theme is uncertainty in regards to the financial system and labor market. Charlie Wishman, president of the Iowa Federation of Labor, stated the financial traits of the final two years haven’t been in keeping with expectations.

“I believe if something we’ve got discovered within the final two years, and particularly in the case of issues just like the financial system, the availability chains, you may go on and on, is to count on the sudden,” he stated. “It’s actually tough to foretell what’s going to occur on unemployment, on wages, on an entire host of issues.”

https://participant.captivate.fm/episode/9beee1a6-9b5a-43c2-9d5e-17f50541a655

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Leistikow on Iowa football: Appreciating long snapper Luke Elkin, Brendan Sullivan comeback

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Leistikow on Iowa football: Appreciating long snapper Luke Elkin, Brendan Sullivan comeback


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NASHVILLE, Tenn. − Luke Elkin arrived in Iowa City from Neenah, Wisconsin, with realistic expectations as a walk-on true freshman long snapper in 2021. He surprisingly didn’t make the travel roster for the Hawkeyes’ home opener against Indiana.

But that following week in practice, coaches told him to get ready. He figured it was just something they told freshmen. He was added to trip to Ames for Iowa’s top-10 showdown that week at Iowa State, with ESPN’s “College GameDay” in attendance.

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After a bad first-quarter snap caused Caleb Shudak to miss a 50-yard field goal in that game, Elkin was tapped to replace sixth-year senior Austin Spiewak. Wearing No. 39 with no name on his jersey, Elkin snapped for Shudak’s first extra-point at Jack Trice Stadium. The snap was good. The kick was good.

And?

“Never come out since,” Elkin said recently, nearing the completion of a quietly impressive four-year Iowa career. “That’s been very, very fortunate for me, and something that’s been very exciting for my family, too, which has been awesome.”

Nobody thinks about the long snapper until something goes wrong. And for four years, Elkin has been on point, whether it’s been snapping to All-American punter Tory Taylor or for field goals, including game-winners each of the past two years against Nebraska.

This year, the American Football Coaches Association (AFCA) added long snapper to its first team. And Elkin was honored as a first-team All-American, the best in the country at his craft. Iowa has long valued Elkin’s contributions, putting him on scholarship before his junior season.

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One of the things that makes Elkin so good is that he played a ton of positions in high school. He’s athletic. He is very fast and can cover kicks. And for a program that values reliability, he’s as reliable as they come.

“I realized (in high school) that I might actually have a shot at this,” Elkin said. “It was just show up every day for practice with consistency.”

As always for Iowa, special teams could be a big advantage in Monday’s Music City Bowl matchup vs. Missouri. The Hawkeyes’ have a noticeable edge with kicker Drew Stevens (perfect 15-for-15 inside 50 yards) over Missouri’s Blake Craig (1-for-7 from 40-49 yards) and at punter with freshman Rhys Dakin.

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For 4 years, Luke Elkin found his role as an elite long snapper at Iowa

The Wisconsin native has been the most reliable Hawkeye since being thrown into the fire in a top-10 matchup as a true freshman in Week 2.

The guy snapping for them is a key part of their successes, too. And it all started in a heated Cy-Hawk game in 2021, which Iowa won, 27-17. Elkin has been a fixture ever since. Monday will mark his final game as a Hawkeye.

“For a kid to be thrown into that situation, in a hostile environment, in a rivalry game, I think it speaks volumes about him,” special-teams coordinator LeVar Woods said. “But what we saw in him was that he’s very calm, very relaxed. Didn’t get rattled by very much, and his product was very good. He was very accurate with his snaps. He’s a good player.”

A time of reflection for Quinn Schulte, Sebastian Castro

Iowa’s roster has to be trimmed from 128 this year to 105 by Aug. 1. That has meant a lot of tough conversations between coaches and players about where walk-ons and even scholarship guys stand in the program. There used to be spots for about 45 walk-ons at Iowa. Soon, there will be space for only 20.

“Awful. It’s been the hardest part of this month,” Iowa head coach Kirk Ferentz said recently. “It could have been so easily avoided if we stair-stepped it (incrementally).

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“Nobody asked me for my opinion or filled me in on the details. I’m sure it was a financial decision, like everything we do. I would argue whatever the dollar amount was, keep it the same and spread it out on 120, 118 (players) instead of 105 and not have bloodletting. That’s the regrettable part in my mind.”

To that point, would Schulte have even made the original 105 as an undersized, walk-on safety out of Cedar Rapids Xavier High School in 2019?

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Sebastian Castro explains why he didn’t opt out of the Music City Bowl

The sixth-year senior defensive back previews the Missouri matchup ahead of his final game as a Hawkeye.

“As a true freshman, it would have been hard,” Schulte said Friday. “I really didn’t know what was going on as a true freshman, but I’m confident in the next couple years I would have (made the 105). But I don’t know. We don’t know. I’m grateful that it didn’t happen and get to that point.”

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Schulte said it’s been “disappointing” to see the process that has basically been the equivalent of roster cuts that has sent a lot of walk-ons to the NCAA transfer portal to seek new opportunities. Now, he’s here along with fellow sixth-year senior Sebastian Castro in Iowa’s secondary. They’re both getting set to play their final games as Hawkeyes.

“I’ve been here a long time, and I love being here,” said Castro, who didn’t opt out of the game because he said he felt he owed it to the program. “Grateful for everything. It changed my life, coming to this program, but it’s time to go. You know, I can’t be here forever.”

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Brendan Sullivan on his health, Iowa’s revamped quarterbacks room

Sullivan is planning to stay at Iowa for his fifth-year senior season, and he gets a chance to cement his QB1 status entering the spring vs. Missouri.

Sully’s ready for redemption at QB1 for Iowa

Brendan Sullivan met with the Iowa media for about seven minutes Friday, his first interview since Nov. 5. The quarterback injured his ankle three nights later in a loss at UCLA and hasn’t returned to the field since.

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Now, he’s feeling 100% and ready to go as the starter for Iowa against Missouri (1:30 p.m. Monday, ESPN).

“Anybody that’s played any sport competitively knows that it sucks watching your brothers go fight without you,” Sullivan said. “It was not fun being out, but (I) tried to work my butt off to get back.”

Sullivan proved to be a better quarterback option than the now-departed Cade McNamara, but made only two starts – finishing one, a 42-10 win against Wisconsin on Nov. 2. He committed three turnovers in that 20-17 loss to UCLA. Offensive coordinator Tim Lester noted that Sullivan was too quick to bail on his reads and scramble, and that’s what led to his ankle injury.

“It wasn’t fun. Obviously, a poor performance on my end,” Sullivan said. “Didn’t help getting hit a lot, too, which was partially my fault as well.”

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What did he learn from that loss?

“Just not letting things spiral. A big thing with me is I get too hard on myself,” Sullivan said. “One bad play leads to another, which is not good at our position.”

4 quick hits from Friday’s practice …

  • Safety Koen Entringer was a non-participant. He has been the top backup in Iowa’s secondary. If he’s out, that would change the Hawkeyes’ dime defense and perhaps elevate Zach Lutmer if there’s an injury to Castro, Schulte or Xavier Nwankpa.
  • Center Logan Jones was suited up and snapping balls with his left hand, while his traditional right snapping hand remained in a cast after he broke it in a recent practice. There is no official word on Jones’ status, but it’s likely that Tyler Elsbury still gets the start.
  • Woods said that two true freshmen have stood out during bowl preparations and could see action on special teams: defensive back Rashad Godfrey and running back Brevin Doll. “When you give them an opportunity, you can tell they’ve been paying attention throughout the whole year,” Woods said.
  • True freshman wide receiver Reece Vander Zee made some nice catches with the second-team offense from quarterback Jackson Stratton. He looks to be ready to return to action for the first time since Oct. 26.
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Why is Kaden Wetjen “98% sure” he is returning to Iowa for fifth year?

The Williamsburg native and first-team all-American return specialist reveals that he is still not on scholarship, talks 2025 goals.

Hawkeyes columnist Chad Leistikow has served for 30 years with The Des Moines Register and USA TODAY Sports Network. Chad is the 2023 INA Iowa Sports Columnist of the Year and NSMA Co-Sportswriter of the Year in Iowa. Join Chad’s text-message group (free for subscribers) at HawkCentral.com/HawkeyesTexts. Follow @ChadLeistikow on X.

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Iowa City synagogue celebrates Hanukah with public menorah lighting

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Iowa City synagogue celebrates Hanukah with public menorah lighting


IOWA CITY, Iowa (KCRG) – Chabad-Lubavitch Synagogue of Iowa City hosted a public menorah lighting at the Ped Mall in Iowa City on Thursday December 26.

Andrew Mendez-Sabba attended the menorah lighting with his wife and their daughter Giana.

Mendez-Sabba spoke about how his faith helped him when his daughter was in the NICU when she was born in 2021 with an Imperforate Anus.

Mendez-Sabba said “She was in the NICU for about three months I didn’t have any hope or any life in me at that point. I was just worried all the time about her and then I was able to meet with a friend and wrap what’s called Tefillin and pray and something came over me and after that it was just good news for her.”

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Rabbi Avrohom Bleskofsky spoke about how events like these are important to celebrate during Hanukah.

Rabbi Bleskofsky said “If anyone has a personal miracle that happened to them whether it be in health in any other area we want to acknowledge that God is behind the miracle and give thanks.”

Chabad-Lubavitch Synagogue of Iowa City will host its Chanukah Meal at the Coral Ridge Mall on Monday December 30, 2024 at 5:30 PM.



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Mizzou Football: Iowa Hawkeyes Preview

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Mizzou Football: Iowa Hawkeyes Preview


The last time Missouri played Iowa, future NFL 1st round quarterback Blaine Gabbert was driving Missouri late in the game until he threw game-sealing pick six to future Buffalo Bill Micah Hyde.

It’s been 14 years since the Tigers played Missouri’s Hat, and during that time Iowa has been fairly consistent if not uninspiring: some of the worst offenses you’ve ever seen paired with the most effective defenses on the planet. All they do is beat teams they should beat and play the most boring brand of football you can think of. But, hey, it works!

And now, Missouri – minus its best athlete and lineman on offense – goes up against yet another elite-tier Iowa defense and a lackluster offense that struggles to do even the most basic stuff consistently well. Should be…fun?

When Missouri Has the Ball

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Missouri’s Offense vs. Iowa’s Defense

When a defense is 6th in the nation in SP+ there’s very few things that they struggle with. And, in particular with the Hawkeyes, they are the most basic bitch defense you can think of: no big plays allowed, mediocre havoc, one of the most accurate tacklers in the country, and one of the more effective scoring defenses out there. It’s going to be zero fun watching an underwhelming Mizzou offense with several weeks off try to restart the offense against these eleven defenders.

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Run the Ball

Arkansas v Missouri

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Photo by Jamie Squire/Getty Images

Usually, Iowa has supremely stout run defenses but that isn’t the case this year. The Hawkeyes rank a shocking 106th in rushing success rate allowed, as well as 119th in opponent’s opportunity rate. We all know that Mizzou would prefer to run the ball 50 times per game and this is the group that will let them do it. The Tigers should shoot for at least a 48% rushing success rate.

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Arkansas v Missouri

Photo by Jamie Squire/Getty Images

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Iowa’s defense in standard downs: 74th. Iowa’s defense in passing downs: 42nd. But considering that Iowa pass defense ranks 30th overall it would be best to avoid all obvious passing down situations and keep the Hawkeyes guessing. A 45% standard downs success rate should suffice.

Finish Your Dang Drives

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Missouri quarterback Brady Cook (12) runs for a touchdown in the fourth quarter of a game against Arkansas on Saturday, Nov. 30, 2024, at Faurot Field. (CAL TOBIAS/ROCK M NATION)

This will be the second straight stingy scoring defense Missouri will see, and Mizzou was able to crack open Arkansas’ stranglehold inside the 40 in their matchup this year. Iowa, on the other hand, comes into this game with a mere 3.7 points allowed per opportunity, almost right where Arkansas was. Missouri has scored at least 20 points in every victory this year and Iowa has allowed at least 20 points in every loss so let’s start there: 6 scoring opportunities at 3.5 points per opportunity for a total of 21.

When Iowa Has the Ball

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Missouri’s Defense vs. Iowa’s Offense

With two quarterbacks and one of the best running backs in the country missing this game, Iowa’s already anemic offense will be sputtering with backups at the key positions on offense. Missouri hasn’t been nearly as stout defensively as the year has gone on but should see a renaissance against a bad unit with backups.

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Keyword: should.

Stop the Run

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Missouri linebacker Triston Newson (14) tackles Arkansas tight end Luke Hasz (9) on Saturday, Nov. 30, 2024 at Faurot Field in Columbia. (MICHAEL BANIEWICZ/ROCK M NATION)

Iowa isn’t very good at running the ball but they are 5th in the nation in run rates on standard downs with a 73% chance of running the ball in that situation. They also rank 52 in running the ball in passing downs (35%). Stop the run -> make them pass -> profit. I’d like to see Iowa’s rushing success at 40% or less.

Turnovers!

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Missouri defensive linemen Johnny Walker Jr. (15) and Chris McClellan (7) celebrate recovering an Arkansas fumble after the end of a game against Arkansas on Saturday, Nov. 30, 2024, at Faurot Field. (CAL TOBIAS/ROCK M NATION)

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Given the amount of fumbles and types of passes batted around, Iowa should have turned the ball over 10.7 times and, in reality, they’ve had 11 turnovers, so they’re right on track. But Iowa’s defense should have had 19.6 turnovers while in reality they’ve grabbed 24. So the Hawkeye’s have benefited from a little bit of luck and an opportunistic defense…and Mizzou’s defense is going to need to flip the script. Mizzou’s defense has been good at taking advantage when the opportunity presents itself and they need to ride that to a +2 in the turnover department.

Conclusion

Iowa is a more extreme version of Missouri which means this game could go very quick and be very boring. Mizzou’s penchant for waiting until the 4th quarter to score points would be a very bad idea against this type of opponent, but Iowa’s offense could be so ineffective that it might not matter. Hopefully we’re pleasantly surprised by an entertaining game because this has all the makings of a snoozer of a low-scoring result.



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