Thursday, July 29

US Labor Market

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. ...
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. ...
Disney, labour shortage, Retail, tight labor market, US Labor Market, Weekend BI UK

Disney is offering $1,000 bonuses to recruits who sign up to become housekeepers and kitchen staff, amid the labor shortage

Disney is offering significant bonuses to new housekeepers and cooks at its Florida theme park. Last year, Disney laid off 32,000 employees amid closures caused by the COVID pandemic. The company is now scrambling to find workers amid a huge US labour shortage. Disney is scrambling to recruit new housekeepers and kitchen staff at its Florida site, as the labor shortage continues to impact businesses across the US.In an attempt to address the issue, the world's biggest theme-park operator is offering $1,000 sign-on bonuses to attract workers, according to the company's website.Housekeepers, earning $16 an hour, and line cooks, mak...
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 ...