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Tuesday, May 24, 2022

Week in business: Workers flex their muscles

The Labor Department reported Tuesday that more workers left jobs in August than any other month in the past two decades. As many businesses struggle to get hired, the boom in quitting is one of many signs that workers have a higher leverage in the labor market. Average hourly wages have also risen in recent months, especially for low-paying jobs. Thousands of workers at farm equipment maker Deere & Co went on strike Thursday after negotiators for the United Automobile Workers union overwhelmingly rejected a contract offer worked with the company. And Hollywood production workers have said they will quit Monday if television and film studios do not meet strong requirements for higher wages, meal breaks and other concessions.

On Monday, Texas Governor Greg Abbott issued an order halting the state’s vaccine mandate. This is in contrast to President Biden’s requirement that federal contractors and their employees be vaccinated by December 8. American Airlines and Southwest Airlines, both based in Texas, said they would nonetheless continue their vaccine mandates for employees, and legal experts say the state’s policy should not defy federal rule. Mr Biden has also ordered the Labor Department to write rules that would require companies with more than 100 employees to have vaccines or routine tests for their employees. But those rules haven’t been published yet — and may not be for several weeks.

The consumer price index, a key measure of inflation, climbed 5.4 percent in September from a year earlier, higher than economists expected and a faster pace of gains than in August. While prices were expected to jump as the economy recovered from the shock of the pandemic, persistently high inflation complicates matters for both the Federal Reserve and the White House. Continued inflation could force the Fed to sharply pull back its post-pandemic support for the economy, before the labor market has fully recovered. For the White House, the difficult task of passing two massive spending packages has become harder as opponents argue the bills could worsen inflation. By far the most visible policy impact of high inflation is on Social Security payments. The Social Security Administration said it would increase benefits by 5.9 percent in 2022, the biggest increase in living expenses in 40 years.

Shared-office-space company WeWork is expected to take a less traditional route into the public market this week by merging with SPAC, or Special Purpose Acquisition Company, two years after being forced to postpone its plans for a public offering. Prior to WeWork’s planned IPO in 2019, private investors valued the company at around $50 billion, but WeWork struggled to sell its shares even at a valuation of $15 billion to money managers on Wall Street. WeWork has said the SPAC deal announced in March values ​​the company at $7.9 billion. Since its first attempt to go public, WeWork has cut costs and hired new management. But membership fell during the pandemic, and it’s unclear what the long-term impact of the change in office work will be for WeWork’s business. The same trends that could drive growth in remote working could also create a demand for more flexible office space.

An advisory committee of the Food and Drug Administration last week approved emergency authorization of booster shots for multiple recipients of Moderna’s coronavirus vaccine, as well as booster shots of Johnson & Johnson’s one-dose vaccine for people 18 years of age or older. recommended. The FDA, which last month authorized a booster shot for older and at-risk recipients of the Pfizer-BioNTech vaccine, usually issues a decision within days of its advisory committee meetings. If the agency decides to authorize more booster shots, the Centers for Disease Control and Prevention will publish guidance on whether those boosters should be used and who should be eligible. Later this month, the panel is tentatively scheduled to discuss Pfizer’s request to authorize emergency use of its coronavirus vaccine for children aged 5 to 11.

China reports on Monday how its economy performed in the third quarter. Several factors have contributed to the slowdown in this period, including July to September, with deadly flooding in several cities, the troubles of giant property developer Evergrande, and shortages of computer chips and electricity. Government efforts to rein in the power of big businesses, including antitrust and national security penalties on tech companies, along with efforts to discourage real estate speculation, may have taken a toll.

William Shatner, Captain James T. in “Star Trek”. The actor, known as Kirk, went to space. Prince Harry and Meghan, Duchess of Sussex, are getting involved in finances. And both Apple and Google are expected to announce product updates this week.

World Nation News Deskhttps://www.worldnationnews.com
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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