Tuesday, November 30News That Matters

Tag: Labor Department (US)

October 2021 Jobs Report: Gain of 531,000 Offers Brighter Picture

Business
“It’s a euphemism, but something the Fed takes very seriously,” said Diane Swonk, the chief economist at the accounting firm Grant Thornton. If the current surge in prices does not abate by early next year, and if both internal and external pressure to prioritize price stability takes precedence, then “patience may run out sooner than people think,” she said — and sooner than Mr. Powell, the Fed chair, would like.Hiring has seesawed this year along with the pandemic, especially in vulnerable sectors like hospitality and retail, where workers must be face-to-face with customers. Because many white-collar employees can work remotely, they have consistently fared better.In October, leisure and hospitality employment rose by 164,000, while professional and business services added 100,000 jobs....
Biden Administration Sets Jan. 4 Deadline for Vaccination Mandate

Biden Administration Sets Jan. 4 Deadline for Vaccination Mandate

Business
Employers must provide information about the total number of fully vaccinated workers to employees or their unions, which the agency believes will aid compliance. Employees and unions can use this information to pressure companies directly, or as part of the basis for a complaint.As a practical matter, however, inspectors are likely to play only a small role in enforcement given the agency’s personnel constraints. A 2020 report by the National Employment Law Project, a worker advocacy group, found that the agency had only about 860 inspectors at the beginning of that year, down about 15 percent from 2012. The relief bill that Mr. Biden signed into law this year provides funding for additional inspectors, but it could be many months before most of them are hired and sent into the field. Ove...
Biden’s Vaccine Mandate: Your Questions Answered

Biden’s Vaccine Mandate: Your Questions Answered

Business
Corporate America has entered the next phase of its effort to counter the spread of the coronavirus. Companies of 100 or more employees have until Jan. 4 to ensure all their workers are either fully vaccinated or submit to weekly testing and mandatory masking. The measure was announced by President Biden in September, and details were released on Nov. 4 by the Labor Department’s Occupational Safety and Health Administration. Some employers have already stepped forward to establish their own vaccine mandates, but many had been waiting for federal guidance. OSHA’s rule will affect some 84 million private sector workers across the country, including some 31 million who were believed to be unvaccinated.Here are answers to some of the most commonly asked questions about what OSHA’s rule means f...
September 2021 Jobs Report Shows Gain of Just 194,000 as Delta Persisted

September 2021 Jobs Report Shows Gain of Just 194,000 as Delta Persisted

Business
Job growth slowed to the year’s weakest pace last month as the latest coronavirus wave dashed hopes of an imminent return to normal for the U.S. economy.Employers added just 194,000 jobs in September, the Labor Department said Friday, down from 366,000 in August — and far below the increase of more than one million in July, before the highly contagious Delta variant led to a spike in coronavirus cases across much of the country. Leisure and hospitality businesses, a main driver of job growth earlier this year, added fewer than 100,000 jobs for the second straight month.“Employment is slowing when it should be picking up because we’re still on the course set by the virus,” said Diane Swonk, chief economist for the accounting firm Grant Thornton.The economic news is not all gloomy. The unemp...
100 Isn’t a Magic Number, So Why Is It Part of the Vaccine Mandate?

100 Isn’t a Magic Number, So Why Is It Part of the Vaccine Mandate?

Business
But if you want a small-business loan? There, the government’s definition is far more expansive. The Small Business Administration, which orchestrated the popular Paycheck Protection Program, generally considers any company with fewer than 500 employees a “small” one. Unless you’re in one of dozens of industries with exceptions, which are detailed in a 49-page document that can seem almost whimsical in its divisions. A company that mines gold ore counts as small if it has up to 1,500 employees, but the limit falls to 750 for iron miners and just 250 for those that extract silver.Business & EconomyUpdated Sept. 17, 2021, 4:06 p.m. ETOne thing about tiny companies is clear: They vastly outnumber their bigger brethren. The government estimates that there are nearly 32 million small b...
July 2021 Jobs Report: Employers Add 943,000 to Payrolls

July 2021 Jobs Report: Employers Add 943,000 to Payrolls

Business
The American economy roared into midsummer with a strong gain in hiring, overcoming trouble in matching workers with openings, as the recovery appeared to take firmer hold.Employers added 943,000 jobs in July, the Labor Department reported Friday, with restaurants and bars leading the way. It was the best monthly performance in nearly a year, and it was accompanied by a sharp drop in the unemployment rate to 5.4 percent, the lowest since the pandemic began, from 5.9 percent.One cloud loomed over the buoyant numbers: The data was collected in the first half of last month, before the Delta variant of the coronavirus exploded in many parts of the country. Experts warn that a sustained outbreak could pose a threat to industries just regaining their footing.Nevertheless, after sizable jumps in ...
June Jobs Report Shows an 850,000 Gain, Better Than Expected

June Jobs Report Shows an 850,000 Gain, Better Than Expected

Business
Anxieties over a lag in hiring lifted on Friday as the government reported that employers added 850,000 workers in June, the largest monthly gain since August.Wages jumped for the third month in a row, a sign that employers are trying to attract applicants with higher pay and that workers are gaining bargaining power.Rising Covid-19 vaccination rates and a growing appetite for travel, dining out, celebrations and entertainment gave a particular boost to leisure and hospitality businesses. The biggest chunk of June’s gains — 343,000 — could be found there.“I think it’s a very solid and strong report,” said Kathy Bostjancic, chief U.S. financial economist for Oxford Economics.The economic healing from the pandemic is, however, far from finished. The unemployment rate rose slightly, to 5.9 pe...
‘I Quit My Job’ Is a Signal of Economic Recovery

‘I Quit My Job’ Is a Signal of Economic Recovery

Business
That was the case for Matt Gisin, 24, who gave notice at his job as a graphic designer at a health and wellness company this month. During the pandemic, he was able to work remotely, and without a commute, he had more time for hobbies like CrossFit and video game streaming.“I got very adjusted to all of this time and all of this freedom,” he said.But slowly, his company began requiring employees to come back into the office, first for two days a week, then three, then four. With so many people commuting to work in their cars, his trip from his home in Mamaroneck, N.Y., to the middle of Long Island could stretch to two hours each way, leaving him little time for his pastimes.“I wasn’t happy anymore,” he said. “I was finding happiness in a lot of outside activities so I took this kind of lea...
May 2021 Jobs Report: U.S. Adds 559,000 to Payrolls

May 2021 Jobs Report: U.S. Adds 559,000 to Payrolls

Business
Employers added hundreds of thousands of jobs last month as coronavirus infections ebbed, vaccinations spread and businesses reopened, the government reported Friday. But the labor market’s recovery from the pandemic is proving to be choppy.Hopes that a strong and steady surge of hiring would follow the first wave of vaccinations have so far turned out to be overly optimistic. Job creation in May doubled from the previous month but still fell below most forecasts. And payroll gains, which have bounced up and down this year, may continue their uneven progress through the summer.Several economists said they did not expect the pace of hiring to pick up steam at least until the fall, when more schools fully reopen, a majority of the population is vaccinated and pandemic-related jobless benefit...
Biden Defends Unemployment Benefits, Provided Workers Accept Job Offers

Biden Defends Unemployment Benefits, Provided Workers Accept Job Offers

Business
WASHINGTON — President Biden ordered the Labor Department on Monday to ensure that unemployed Americans cannot draw enhanced federal jobless benefits if they turn down a suitable job offer, even as he rejected claims by Republicans that his weekly unemployment bonus is undermining efforts to get millions of Americans back to work.Stung from a weekend of criticism over a disappointing April jobs report, Mr. Biden struck a defiant tone, seeking to make clear that he expects workers to return to jobs if they are available, while defending his signature economic policy effort thus far and blaming corporate America, in part, for not doing more to entice people to go back to work.The president told reporters at the White House that child care constraints, school closures and fears of contracting...