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    Zoom In IconArrows pointing outwards The U.S. economy added many more jobs than expected last month, and there was an appetite for workers particularly in the service sector, which has been grappling with labor shortages. The leisure and hospitality sector saw the most jobs growth with 96,000 payrolls added in July, led by strong expansion in food and drinking places, according to the U.S. Bureau of Labor Statistics. Restaurants and airlines have been scrambling to repopulate their ranks ever since the economy started to reopen. Covid-triggered lockdowns in 2020 had led to massive layoffs and furloughs for cooks and waitstaff and other service staff. Meanwhile, employment in professional and business services continued to grow, with an increase of 89,000 in July. Within the industry, job growth was widespread in management of companies and enterprises, architectural and engineering services as well as scientific research and development. "It's not just a strong total number that highlights the health of the job market — growth was across the board and not limited to one or two sectors," said Mike Loewengart, managing director of investment...
    Americans' overall dissatisification with the state of the country is on a downward trend, according to a new Gallup poll, which shows declines in 10 major policy areas, including energy policy, the military, and the economy.  Gallup's annual Mood of the Nation survey reflected a continual dour mood in the country as the coronavirus pandemic continues and President Joe Biden enters his second year in office. Americans' satisfaction with the economy dropped 10 points over the last year and a whopping 35 points over the past two years, a reflection of the country's frustration with the fallout from the pandemic, which saw businesses shutter, large numbers of people quit, and dire jobs numbers. Inflation is also likely a major factor in the declining number. It hit a record 7 per cent in December - a nearly 40 year high. Adminstration officials have defended Biden's stewardship of the economy, pointing to the low unemployment rate. A record number of people quit their jobs during Biden’s first year – with a record 4.5 million in November. The administration argues this is because the...
    VIDEO5:2105:21Suzy Welch: Company execs acknowledge Covid may never go awaySquawk Box CEOs across the economy were optimistic in their 2022 outlook before the omicron variant of Covid emerged. Are they still now? A recent survey from the Business Roundtable revealed confidence about the outlook into next year, but that was conducted before the first cases of omicron were reported. On Wednesday, as the first omicron case in the U.S. was revealed in California — a second case from a Minnesota resident who recent travelled to New York City was revealed on Thursday — CNBC Contributor Suzy Welch led a CNBC Leadership Exchange virtual roundtable with CEOs across various sectors of the economy to gauge their confidence now as Covid dominates the market. The message from CEOs: Expect volatility to rule again in 2022. "Almost a year ago, we're all saying goodbye to 2020 ... like good riddance," Welch said. "The sort of the year ahead was going to give us back our visibility into the future, give us back some kind of feeling that the earth was not moving under...
    Merchants of the Bronze Age had a self-regulating market which allowed them to trade goods across Europe using common weight systems, a study has claimed. It meant a trader 4,000 years ago could travel from ancient Mesopotamia to the Aegean and from there on to Central Europe without having to change their own set of weights because similar systems were in use. Researchers say this is evidence of a global network regulating itself from the bottom-up because there was no international authority that could have regulated the accuracy of weight systems over such a wide territory and long time span. In Europe, beyond the Aegean, centralised authorities did not even exist at the time. Scroll down for video Common weight systems: Examples of Western Eurasian balance weights of the Bronze Age are pictured. A: Spool-shaped weights from Tiryns, Greece; B: Cubic weights from Dholavira, India; C: Duck-shaped weights from Susa, Iran; D: Flat block weights from Lipari, Italy Pictured is the diffusion of weighing technology in Western Eurasia from about 3000-1000 BC It meant merchants could use a unit...
    Rent across the US rose by 1.1 per cent in March, which marked the first month of growth since last summer as the economy continues to rebound from the pandemic.  Data from Realtor.com shows that the increase occurred across the 50 largest metros in the US, bringing the median rent to $1,463. Rents in the 50 largest metro areas last March had growth of 3.2 per cent. But at the height of the pandemic, rent growth slowed, decreasing to 1.9 per cent in May before jumping to 2.2 per cent in June and July. Rent across the US rose by 1.1 per cent in March, which marked the first month of growth since last summer Rents in the 50 largest metro areas last March had growth of 3.2 per cent. But at the height of the pandemic, rent growth slowed, decreasing to 1.9 per cent in May before jumping to 2.2 per cent in June and July (depicted)  From there, the decline was steady, dropping as low as 0.6 per cent in February 2021 before bouncing to 1.1...
    Wednesday, during an appearance on FBN’s “Kudlow,” Sen. John Barrasso (R-WY) expressed his disapproval of Deb Haaland as the Biden Interior Secretary nominee. Barrasso warned Biden policies led by Haaland were detrimental to the Wyoming and national economies. “[Y]ou take a look at what this is going to do to the economy of our nation,” he said. “You’re talking about the loss of possibly a million jobs across the country. You know, Larry, what this is going to do to energy prices. It’s going to increase the cost of energy, whether it’s to heat your home or to drive your vehicle. All of these things are going to hurt — be hurt in the United States for our — for taxpayers, for hardworking families. I’m really worried in Wyoming. And what the Biden administration is doing is, essentially, it seems to be driving a stake through the heart of Wyoming’s economy, the energy economy.” “And then, with this coronavirus so-called relief bill, with this mandatory doubling of the minimum wages, we’re talking about across the country another 1.4 million jobs...
    WASHINGTON (AP) — Ten months into America’s viral outbreak, low-income workers are still bearing the brunt of job losses — an unusual and harsh feature of the pandemic recession that flattened the economy last spring. In December, the nation shed jobs for the first time since April. Once again, the layoffs were heavily concentrated in the industries that have suffered most because they involve the kind of face-to-face contact that is now nearly impossible: Restaurants, bars and hotels, theaters, sports arenas and concert halls. With the virus transforming consumer spending habits, economists believe some portion of these service jobs won’t return even after the economy has regained its footing. That trend will likely further widen the economic inequalities that have left millions of families unable to buy food or pay rent. Typically in a recession, layoffs strike a broad array of industries — both those that employ higher- and middle-income workers and those with lower-paid staff — as anxious consumers slash spending. Economists had worried that the same trend would emerge this time. Instead, much of the...
    Estes Park, like other tourist towns across Colorado, finds itself in a tough spot when trying to stem the spread of COVID-19. The Larimer County community desperately needs visitor dollars to boost its economy going into winter, when fewer folks are able to easily access its scenic splendor. But because potential customers come from so many different places — whether out of town, out of state or out of the country — mask usage varies widely. And who wants to don facial coverings on vacation, anyway? This dynamic was on display when we visited Estes Park on Saturday, October 10. For the most part, businesses worked hard to make sure that patrons were masked and following safety protocols while inside. But the use of facial coverings was much more intermittent outside, even though crowds moving up and down the sidewalks or waiting to get inside the most appealing businesses made social distancing tough, increasing the odds that unmasked individuals, or those who still haven't figured out the right way to put the damn things on, might be standing next to each...
    Venues around the country are bleeding out their last reserves, digging themselves into deeper debt, bracing for bankruptcy or preparing to shut down entirely. To try to keep them afloat through indefinite closures, the National Independent Venue Association is throwing a star-studded three-day virtual music festival. The event, running Friday, October 16, through Sunday, October 18, will raise relief money for venues and promoters and awareness about the Save Our Stages Act, which would be a life preserver for the independent music economy until a COVID-19 vaccine is available. Local superstars the Lumineers and Nathaniel Rateliff will perform sets from the Boulder Theater, and the Foo Fighters, Miley Cyrus, Dave Matthews, Demi Lovato, Phoebe Bridgers, the Roots, Brittany Howard, Portugal. the Man, Rise Against, Black Pumas, FINNEAS, Leon Bridges and many more will perform. The event, which includes 35 artists being recorded at 25 independent venues across the United States, will raise funds for the NIVA Emergency Relief Fund, which will provide money for struggling independent venues and promoters. The organization is taking applications through Thursday, October 15,...
    Fantasy Football Podcast: Week 5 Betting Preview — Bullish on the Bears, Bearish on the Cardinals Competing brands secretly owned by the same company The Inequality of America’s K-Shaped Recovery (Bloomberg) -- © Bloomberg A job seeker holds an employment flier during a hiring event at an Aldi Supermarket in Darien, Illinois, U.S., on Tuesday, July 17, 2018. Unemployment lines across the U.S. last week were the shortest since December 1969, according to a Labor Department report Thursday that showed an unexpected drop in filings for jobless benefits. Covid-19 has upended economies across the globe. In the fourth season of Stephanomics, we’ll be taking a closer look at the fragile path to recovery and which nations are doing better than others. Load Error This first podcast of the new season is brought to you by the letter K, or more precisely the K-shaped recovery which sees parts of the U.S. economy bouncing back while others still suffer. We start in Cleveland, where Bloomberg senior reporter Shawn Donnan tells us about two houses that illustrate how the pandemic...
    Photo credit: Spencer Platt, Getty Images. A major Wall Street analytics firm released its financial forecast for the country over the next decade under four different scenarios — and it assessed the prospect of a Joe Biden win and full Democratic control of Congress as the best for the economic recovery. According to a new 10-year forecast from Moody’s Analytics, the nation would enjoy faster and stronger GDP growth, more employment gains, more labor participation and income growth, and greater corporate profits if a blue wave sweeps the 2020 election. “The economic outlook is strongest under the scenario in which Biden and the Democrats sweep Congress and fully adopt their economic agenda,” Moody’s wrote.”The economy is expected to create 18.6 million jobs during Biden’s term as president, and the economy returns to full employment, with unemployment of just over 4%, by the second half of 2022.” Their rosier forecast comes despite Biden’s promise to raise taxes on the wealthy and corporations and boost the nation’s minimum wage to $15 an hour. By contrast, Moody’s forecasts that the worst scenario for...
    Marshall Auerback August 28, 2020 10:45AM (UTC) This article was produced by Economy for All, a project of the Independent Media Institute. The tech industry buzzword "gig" has distracted society from important questions about the gig economy that are surprisingly traditional: whether a business has employees or contractors, and how it can avoid payroll taxes and legal liability. Countless Silicon Valley business models have been built under the guise of gigs, Uber and Lyft two of the best known cases, which is ironic considering that for all of their high-tech pretensions, at the core both are taxi and food delivery services. But with state governments like California facing increasing revenue shortfalls and an estimated 57 million gig workers in the United States noting a lack of employer protections and fair wages, the matter has shifted to the courts. Uber and Lyft now find themselves at the center of years-long legal disputes on this question. Court challenges, however, are now extending beyond these two companies. : Over the past 40 years, the rise of neoliberalism has enabled employers to tilt the terms of our capitalist economies heavily toward capital...
    The tech industry buzzword “gig” has distracted society from important questions about the gig economy that are surprisingly traditional: whether a business has employees or contractors, and how it can avoid payroll taxes and legal liability. Countless Silicon Valley business models have been built under the guise of gigs, Uber and Lyft two of the best known cases, which is ironic considering that for all of their high-tech pretensions, at the core both are taxi and food delivery services. But with state governments like California facing increasing revenue shortfalls and an estimated 57 million gig workers in the United States noting a lack of employer protections and fair wages, the matter has shifted to the courts. Uber and Lyft now find themselves at the center of years-long legal disputes on this question. Court challenges, however, are now extending beyond these two companies. Over the past 40 years, the rise of neoliberalism has enabled employers to tilt the terms of our capitalist economies heavily toward capital and away from labor, via the evisceration of unions, the deconstruction of the welfare state, and the privatization of public services. The growing...
    An index that measures the health of mid-size businesses dropped to 100.7 in July from the prior month's reading of 109.1, showing a slowdown in economic activity in mid-June that began as the country struggled with a surge of new coronavirus cases. The RSM US Middle Market Business Index, done in partnership with the U.S. Chamber of Commerce, has been tracking the quarterly health of midsize firms since early 2015. RSM and The Harris Poll survey 700 executives at medium-size firms across many industries. Beginning in March, the firms began collecting economic-related data to measure the effect of the COVID-19 pandemic on businesses. The survey was in the field from July 8 and July 23 and had responses from 404 participants. Any reading above 100 indicates expansion; the index reached its all-time low of 87.7 in March as the pandemic took its grip on America and many businesses entered a lockdown. "Following the burst of initial optimism that came with the reopening of the economy in May and early June, overall business conditions began to ease and then...
    Dunkin' is hiring 25,000 employees across the country as its locations begin to reopen.More and more states are trying to reopen their economy after bars, restaurants and gyms across the country have laid dormant for months.The U.S. unemployment rate fell unexpectedly in May to 13.3%. The government said Friday that the economy added 2.5 million jobs last month.Dunkin' plans to run a recruitment ad campaign to fill open positions.
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