Supply shortages and emboldened workers: A changed economy
3 years ago

Supply shortages and emboldened workers: A changed economy

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. U.S. workers, having struggled for years to achieve economic gains, secured better wages, benefits and working conditions — and the confidence to quit their jobs if they didn’t get them. Capital Economics calculates that households in advanced economies like the United States and the European Union were holding “excess savings’’ at mid-year of $3.7 trillion — the amount above what they would likely have saved if the pandemic had never happened. “The sharp rise in sea freight has eaten into manufacturers’ profits and ours,” said Max Chen, general manager of Makefigure Co., a toymaker in the southern Chinese city of Shenzhen. Keeping European workers on company payrolls, he noted, made it “much more seamless to reopen the economies in Europe because basically people just went back to their old job.’’ American companies, by contrast, had to call back employees they had laid off or find new ones.

Global Economy Europe Supply States Workers Prices New York 2020 Imf Working United Working Conditions Yonkers Kirkegaard Restaurant Work  global  changed  2020  working  workers  economy  restaurant  work  united  prices  shortages  supply  emboldened  states

History of this topic

Supply shortages and emboldened workers: A changed economy
3 years ago

Supply shortages and emboldened workers: A changed economy

Associated Press  

Employees at a fast-food restaurant in Sacramento, California, exasperated over working in stifling heat for low wages, demanded more pay and a new air conditioner — and got both. U.S. workers, having struggled for years to achieve economic gains, secured better wages, benefits and working conditions — and the confidence to quit their jobs if they didn’t get them. Capital …

Supply shortages and emboldened workers: A changed economy
3 years ago

Supply shortages and emboldened workers: A changed economy

LA Times  

Muhammad Rahman delivers orders at Gotham restaurant in New York. U.S. workers, having struggled for years to achieve economic gains, demanded better wages, benefits and working conditions — and were willing to quit if they didn’t get them. The supply chain problems have been compounded by the unexpected — a drought in Taiwan that curtailed production at water-dependent computer chip …

Supply shortages and emboldened workers: A changed economy
3 years ago

Supply shortages and emboldened workers: A changed economy

Associated Press  

Employees at a fast-food restaurant in Sacramento, California, exasperated over working in stifling heat for low wages, demanded more pay and a new air conditioner — and got both. U.S. workers, having struggled for years to achieve economic gains, demanded better wages, benefits and working conditions — and were willing to quit if they didn’t get them. Microchips — don’t …

The engine of the US economy, consumer spending, sputters again
3 years, 11 months ago

The engine of the US economy, consumer spending, sputters again

Al Jazeera  

Surging COVID-19 infections and restrictions in December slammed the brakes on the engine of the US economy – consumer spending – for the second consecutive month. Business-sapping restrictions designed to contain spiralling COVID-19 infections slammed the brakes on the engine of the United States economy in December, as consumers kept their wallets snapped shut and hunkered down at home. Consumer …

US economy: Joe Biden wants to avoid the Obama era’s biggest economic mistake
3 years, 11 months ago

US economy: Joe Biden wants to avoid the Obama era’s biggest economic mistake

CNN  

New York CNN Business — The federal government didn’t act aggressively enough in 2009 to fight the Great Recession. Biden’s $1.9 trillion American Rescue Plan shows that he’s determined to avoid repeating the mistakes of the Great Recession – if Congress lets him. Get growth going in the economy, which is the best way to pay down that debt.” Walmart …

Economic recovery: Life could get back to normal this year. But the economy might not
3 years, 11 months ago

Economic recovery: Life could get back to normal this year. But the economy might not

CNN  

New York CNN Business — It’s tempting to think now that 2020 is over, the economy will soon snap back to normal. It could take much of 2021 for most Americans to get inoculated, however, and that means life won’t change for many households any time soon as people who can continue to work from home and some schools remain …

Global economic bailout is running at $19.5 trillion. It will go higher
4 years, 1 month ago

Global economic bailout is running at $19.5 trillion. It will go higher

CNN  

London CNN Business — Governments and central banks have promised to shell out $19.5 trillion since the coronavirus erupted to “put a floor under the world economy,” according to the International Monetary Fund. While coronavirus vaccine candidates point to improved prospects for the global economy next year, they won’t help countries much in the immediate future. In the United States, …

Major US stimulus would boost US, global economies: IMF official
4 years, 2 months ago

Major US stimulus would boost US, global economies: IMF official

Live Mint  

Another major US stimulus package would drive a big jump in US growth but also would help boost the pandemic-ravaged global economy, the IMF's chief economist told AFP on Tuesday. Gita Gopinath said in an interview that a US rescue package on the order of the $2.2 trillion CARES Act approved in March would increase growth in the world's biggest …

World economy: What else could go wrong before 2020 is done
4 years, 4 months ago

World economy: What else could go wrong before 2020 is done

Live Mint  

The world economy’s rebound from the depths of the coronavirus crisis is fading, setting up an uncertain finish to the year. Adding 1.4 million jobs in August was “a big step in the right direction,” said Ryan Sweet, head of monetary policy research at Moody’s Analytics. But the economy needs to maintain that kind of pace, he said, and “without …

How Covid-19 brought the world economy to its knees
4 years, 6 months ago

How Covid-19 brought the world economy to its knees

India Today  

Three major global economic institutions - International Monetary Fund, United Nations Conference on Trade and Development and World Bank - have warned that financial consequences of the Covid-19 pandemic will be worse than feared. According to its latest edition of the World Economic Outlook, global Gross Domestic Product will shrink to -5 per cent in 2020, nearly 2 per cent …

US economy won’t recover fully until there’s a coronavirus vaccine, says Federal Reserve chairman
4 years, 7 months ago

US economy won’t recover fully until there’s a coronavirus vaccine, says Federal Reserve chairman

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The chairman of the …

Can the US economy recover from coronavirus?
4 years, 8 months ago

Can the US economy recover from coronavirus?

Al Jazeera  

As the pandemic spreads in the US, the country’s economy is likely to face its worst crisis since the Great Depression. It shrank by almost 5 percent in the first quarter of this year – the biggest slide since the 2008 financial crisis. As many businesses are going bankrupt, the US has pumped more than $2 trillion into the economy …

Global recession is here, according to S&P
4 years, 9 months ago

Global recession is here, according to S&P

CNN  

New York CNN Business — The coronavirus outbreak has plunged the world’s economy into a global recession, according to S&P Global. “The initial data from China suggests that its economy was hit far harder than projected, though a tentative stabilization has begun,” said S&P Global’s Chief Economist Paul Gruenwald. “Europe and the United States are following a similar path, as …

White House Requests $1 Trillion In Economic Stimulus To Fight Coronavirus Effects
4 years, 9 months ago

White House Requests $1 Trillion In Economic Stimulus To Fight Coronavirus Effects

NPR  

White House Requests $1 Trillion In Economic Stimulus To Fight Coronavirus Effects AILSA CHANG, HOST: One trillion dollars - that is how much money the Trump administration is asking Congress to give them to fight the economic devastation brought on by the coronavirus. They include chief economics correspondent Scott Horsley, congressional correspondent Kelsey Snell and, last but certainly not least, …

New calculations show coronavirus will sap $34 billion dollars from economy, prompting need for urgent stimulus
4 years, 10 months ago

New calculations show coronavirus will sap $34 billion dollars from economy, prompting need for urgent stimulus

ABC  

As the impact of COVID-19 takes hold, the head of Australia's Department of Treasury has flagged an urgent need for targeted stimulus, as new modelling shows $34 billion could be wiped from Australia's economy this year. Key points: The head of Treasury said the negative impact of bushfires and coronavirus would be larger than economic growth in the previous quarter …

Coronavirus poses risks to fragile recovery in global economy, says IMF
4 years, 10 months ago

Coronavirus poses risks to fragile recovery in global economy, says IMF

India Today  

The coronavirus epidemic has already disrupted economic growth in China and a further spread to other countries could derail a highly fragile projected recovery in the global economy in 2020, the International Monetary Fund warned on Wednesday. IMF Managing Director Kristalina Georgieva said the outbreak was a stark reminder of how unforeseen events could threaten a fragile recovery, and urged …

Discover Related