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Companies scraping for employees before the holidays
NEW YORK: Companies that typically hire thousands of seasonal workers are going on vacation during one of the toughest job markets in decades, making it unlikely they will get all the workers they need. For shoppers, this can mean an enjoyable holiday shopping experience, with bare store shelves and online orders that take longer than usual to fill. Employers are so desperate to find holiday workers that they’re raising wages above $15 an hour, offering four-figure sign-on bonuses and promising to pay for their schooling. If they don’t get the employees they need, employers will rely on existing employees to work more overtime, which can be costly for businesses and cause burnout for workers.
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IMF predicts slight decline in global growth from pandemic
WASHINGTON: The International Monetary Fund is slightly downgrading its outlook for a global recovery from a pandemic slowdown, reflecting the persistence of supply chain disruptions in industrialized countries and the deadly disparities in vaccination rates between rich and poor countries. In its latest World Economic Outlook, the IMF has forecast global growth of 5.9% this year, compared to its estimate of 6% in July. For the United States, the IMF has forecast 6% growth for 2021, down from its July forecast of 7%. The downward revision reflects slowdown in economic activity as a result of increase in COVID-19 cases and delay in production due to supply crunch and consequent acceleration of inflation.
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IMF board confident about leader despite claims of data-rigging
Washington: The International Monetary Fund has expressed full confidence in its Managing Director. The statement came in response to allegations that when Kristalina Georgieva was a World Bank official, she and others pressured employees to change occupational rankings in an effort to placate China. The IMF’s 24-member executive board says its review did not conclusively demonstrate that Georgieva played an improper role. But it says an investigation into possible misconduct by World Bank employees is ongoing. Georgieva has denied any wrongdoing in response to an investigation report by Wilmerhall Law Firm.
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Americans quit their jobs in August at a record pace
WASHINGTON: One reason America’s employers are having trouble finding jobs, a Tuesday report clearly showed: Americans are leaving in large numbers. The Labor Department said the number of job losses rose to 4.3 million in August, the highest on record since December 2000, and up from 4 million in July. Recruitment also slowed in August. The report shows that the number of available jobs fell to 10.4 million, from a record high of 11.1 million in the previous month. The data strongly suggests that the delta version wreaked havoc on the job market in August. As COVID-19 cases increased, job losses in restaurants and hotels and other public-facing jobs such as retail and education increased.
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House returns to avert default with debt limit vote
WASHINGTON: House members are scrambling for Washington to pass a short-term lift of the nation’s debt limits. The vote Tuesday evening will ensure the federal government can continue to pay its bills in full in December. House Democrats are expected to get enough votes on their own to ensure that President Joe Biden can sign the bill into law this week. A default would have had a huge impact on global financial markets, and regular government payments to Social Security beneficiaries, disabled veterans and others would have been questioned. But the relief given by the passage of the bill will only be temporary, forcing Congress to revisit the issue in December.
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Shares fall ahead of company’s earnings, inflation data
NEW YORK: Shares on Wall Street had a mostly low day of volatility as traders await more data on inflation and corporate earnings this week. The S&P 500 fell 0.2% on Tuesday and the Dow Jones Industrial Average fell 0.3%. The Nasdaq slipped 0.1%, but shares of the smaller company ended higher. A mix of retailers and other companies that rely on direct consumer spending gained ground, but those gains were offset by declining technology and communications stocks. US crude oil prices held steady above $80 a barrel. The yield on the 10-year Treasury note fell to 1.57%.
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Hasbro CEO, Chairman Brian Goldner dies at 58
New York: Toy and entertainment company Hasbro has announced that its CEO and President Brian D. Goldner has passed away. He was 58 years old. The announcement came two days after Pawket, Rhode Island, on Tuesday said the company was taking a medical leave of absence from its CEO role, effective immediately. It was also announced at the time that Hasbros board chief independent director Rich Stoddart had been appointed as interim CEO. The company did not specify a cause of death, but Goldner revealed in August 2020 that he had been undergoing treatment for cancer since 2014. Goldner served as CEO of Hasbro Inc since 2008, and as chairman since May 2015.
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Father of slain journalists pulled up on Facebook over violent video
WASHINGTON: The family of a deceased journalist is calling on the Federal Trade Commission to take action against Facebook for failing to remove online footage of his shooting death. Andy Parker says the company is violating its terms of service by hosting videos glorifying violence on Facebook and its sibling service Instagram. His daughter, TV news reporter Alison Parker, and cameraman Adam Ward, were killed in August 2015 by a former co-worker while reporting for WDBJ-TV’s Roanoke in Virginia. A complaint filed Tuesday with the FTC says Facebook engages in deceptive trade practices by violating its terms of service and misrepresenting the platform’s security.
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The S&P 500 slipped 10.54 points, or 0.2%, to end at 4,350.65. The Dow Jones Industrial Average fell 117.72 points, or 0.3%, to end at 34,378.34. The Nasdaq fell 20.28 points, or 0.1%, to 14,465.92. The Russell 2000 Index of Small Companies rose 13.63 points, or 0.6%, to 2,234.27.
Disclaimer: This post has been self-published from the agency feed without modification and has not been reviewed by an editor
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