Thursday, July 29

Labor Market

Economy, JOLTS, Labor Market, labor shortage, Markets, Minimum Wage, quit job, Quits, Quitting, Unemployment

2 ways jobs and pay didn’t make sense before the pandemic that are now’unwinding’, according to a top economist

Right now, a whole lot of jobs are open — and a whole bunch of workers are quitting. But the labor market being weird is nothing new, according to economist William Spriggs. The current shifts could be an'unwinding' of more than a decade of declining wages and an aging workforce. LoadingSomething is loading. ...
Central Bank, Economic Recovery, Economy, Fed, Federal Reserve, Labor Market, labor shortage, Markets, Supply Shortage, Supply shortages

The Fed is bummed out by all the supply and labor shortages, too

The US is recovering well, but supply constraints and worker shortages present obstacles, the Fed said. Product shortages can provide "more lasting but likely still temporary upward pressure" on prices. New technology and retirements could keep the labor market from returning to its pre-crisis norm, the Fed added. See more stories on Insider's business page. Vaccination may be keeping COVID-19 at bay, but the pandemic's fallout lives on in supply shortages and labor scarcity, the Federal Reserve said Friday.March stimulus, vaccination, and the revers...
Andy Kiersz, BI Graphics, Economic Recovery, Economy, Job Growth, Jobs Report, Labor Market, Labor market data, labor shortage, Markets, nonfarm payrolls, US Labor Market

The US labor market is on pace to stage a complete recovery in 7 months

The US is on track to regain all jobs lost during the pandemic by February 2022, Insider calculates. The June jobs report showed hiring accelerated as businesses raised pay and the US reopened further. The recovery aligns with forecasts from the Congressional Budget Office and Federal Reserve officials. LoadingSomething is loading. ...
automation, Cracker Barrel, Dave & Busters, Economy, Hiring, Labor Market, labor shortage, Markets, McDonald's, payrolls, restaurant, Restaurant apps, restaurant chain, restaurant chains, Retail, Unemployment, US Labor Market, worker shortage

Restaurants are starting to hire robots instead of people who are demanding higher pay

Businesses are tired of waiting for workers and are increasingly turning to automation instead. The trend has swept through the restaurant industry as the labor shortage is hurting hiring. People have long feared automation destroying jobs, but it could also kick off a "virtuous circle" that helps the economy. LoadingSomething is loading. ...
Biden, Economy, Employment, Jason Furman, Jobs, Labor, Labor Market, Markets, Obama, Peterson Institute for International Economics, Politics, Unemployment, Unemployment benefits, Wages

Only about 2 out of 10 people are leaving unemployment for work. It should be at least 3 out of 10, former Obama economists say.

Former Obama economists Jason Furman and Wilson Powell III said only 24% of the unemployed are returning to work. One would predict 34% would return, they wrote, resulting in 1 million more unemployed finding jobs per month. They said the shortfall is likely temporary and comes down to unemployment benefits and health concerns. LoadingSomething is loading. ...
Economic Data, Economy, Ellen Zentner, Labor Market, labor shortage, Markets, Morgan Stanley, Pay Growth, US Labor Market, Wage Growth, Wages, worker shortage

One chart shows the 10 industries poised to pay you a higher salary soon, and the 10 that probably won’t, according to Morgan Stanley

The labor shortage is uneven, leaving some industries more likely to raise wages than others. The hotel, restaurants, and leisure sector is most likely to raise pay, Morgan Stanley said Monday. Independent power and renewable electricity businesses are the least likely to hike wages, the bank added. LoadingSomething is loading. ...
Biden economic plan, Biden stimulus, economic outlook, Economic Recovery, Economy, Features, Government Spending, housing market, Labor Market, Markets, Remote Work, Stimulus, US housing boom, US Housing Crisis, us housing market

3 fundamental changes from the pandemic economy that could become permanent

Some elements of the pandemic-era economy are likely to stick around well after the recovery. Experts warned the post-crisis economy would be different, and now it's becoming clear how. From remote work to a red-hot housing market, 4 fundamental shifts could be permanent. See more stories on Insider's business page. The post-pandemic economy is taking shape.Fifteen months after the US first plunged into lockdown, the economy is well on its way to a complete reopening. Spending is up, businesses are rehiring, and Americans are — slowly — returning to work. Economists largely agree that economic output will grow at the fastest rate s...
BI Commentary, columnist, Congress, Economy, Federal Reserve, GOP, inflation, Labor Market, Markets, Opinión, Politics, Steve Scalise, Wages

Republicans seem determined to learn absolutely nothing from our bizarre post-pandemic economy

The pandemic economic recovery is weird, but it can teach us a lot about things like inflation, wages, and inequality. But to learn those lessons — and make good policy based on them — legislators have to acknowledge them and pay attention. Republicans have demonstrated that they have zero interest in any of that. This is an opinion column. The thoughts expressed are those of the author. See more stories on Insider's business page. You have to feel a little bit sorry for Federal Reserve Chair Jerome Powell.On Tuesday he tested...
Central Bank, Economic Recovery, Economy, Fed, Federal Reserve, Full employment, Jerome Powell, Labor Market, Labor Markets, Lael Brainard, Larry Summers, Markets, maximum employment, monetary policy, Randal Quarles, Unemployment, US Labor Market

The government is pursuing’maximum employment’ for the first time. Here’s how it differs from’full employment’ and the risks it brings.

The Fed is targeting "maximum" employment over "full" employment in a major shift for the US economy. The new goal aims to bring forth a more equitable rebound, particularly for minorities and low-income households. This focus tests how many Americans can be hired before an inflationary spiral is set off. See more stories on Insider's business page. Maximum employment. Full employment. They may seem to be similar phrases, but they are dramatically different, in ways that could shape the US economy long after the pandemic ends.After decades of adhering to an agreed-upon employment threshold called full employment, the ...
fast-food chain, Food, Jobs, Labor Market, labor shortage, McDonald's, Rage Quit, Retail, Weekend BI UK, Work

A McDonald’s worker reportedly quit their job by posting an angry sign at a local drive-thru, as the’rage-quitting’ trend continues to rise

A McDonald's employee reportedly resigned by posting an angry note in a local drive-thru. The worker apparently hated the job so much, they closed up shop early Saturday night. The note captures the trend of employees'rage-quitting their jobs in a tightening labor market. See more stories on Insider's business page. A McDonald's employee who worked at a branch in Louisville, Kentucky, apparently quit their job by posting a sign at a drive-through on Saturday night. A photo of the sign read: "We are closed because I am quitting and I hate this job." It was shared on Twitter by a user, Great Ape Dad, who spotted the posting the fol...