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Using high-frequency job advertisement data, this paper evaluates dynamics among COVID-19, labor market, and government policies. We find that COVID-19 has caused a significant decline in labor demand, by as much as 30%, measured by the number of job advertisements. But the pandemic did not result in noticeable changes in advertised wages. Regarding the roles of government policies, the study finds that the “stay-at-home” measures implemented by states appeared to suppress labor demand. The Paycheck Protection Program (PPP) program helps to stabilize the advertised wages, but also suppresses labor demand. Finally, the pandemic may increase labor demand for certain healthcare-related occupations.

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Utilizing a survey of defense contractors in the New England region, this study explores the effect of social networks on business performance—measured by annual employment growth and market diversification—during a time when defense spending in the United States was contracting. In contrast to prevailing literature focusing on entrepreneurial firms, this study offers insights on how social networks function in defense contractors, which tend to be mature firms. The main conclusion is that having more network connections is associated with faster short-term employment growth (from 2014 to 2015) for defense contractors, but there is a limit to that benefit. The analysis also shows that social networks do not aid market diversification for defense contractors. This poses an interesting challenge for defense contractors, as they need to balance the priorities of short-term growth and long-term success.