Print this article President Joe Biden delivers remarks on the April jobs report from the East Room of the White House in Washington, D.C., May 7, 2021.
(Jonathan Ernst/Reuters)
On the menu today: As the Biden administration is mystified by low hiring last month, we’re left wondering if they’ve tried talking to employers; Meanwhile, already-high gas prices are expected to jump again, in part because hackers have managed to shut down the most important oil pipeline on the East Coast; and in sad news, a farewell to a former boss.
‘The Government Is My Main Competitor Right Now’
Investors are ignoring a ticking-time-bomb stock market, says this money manager MarketWatch 1 day ago
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Video: Commodities outpace S&P 500 this year. Tracking reflation trades (CNBC)
Commodities outpace S&P 500 this year. Tracking reflation trades
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Tuesday is looking dicey for stocks, notably the technology space, as inflation jitters continue to ripple across markets. The sector has been bearing the brunt of concerns that higher inflation may prompt an early end to the Federal Reserve’s COVID-19 pandemic-driven accommodative stance.
After last week’s downside jobs surprise, some fear Wednesday’s consumer price data could also deliver a nasty shock. Not helping are fresh Chinese data on Tuesday showing surging factory-gate prices, though the consumer side was subdued. That is as investors continue to monitor fallout from a downed U.S. energy pipeline.
U.S. employers are struggling to find good workers after years of pandemic
President Joe Biden defended his economic record on Monday, as U.S. employment data reveals a unique figure: Millions remain unemployed after losing their jobs in the pandemic, but companies say they can’t find enough people to hire.
The inability of companies to attract new employees has sparked a polarizing debate over potential causes, with Republicans and some companies saying that the generous benefits of unemployment encourage people to get jobs.
The main culprit, they say, is the Biden administration’s increase in the $ 300 weekly unemployment insurance burden. In states with higher pay, combined benefits can be as high as $ 600 a week, the equivalent of nearly $ 16 an hour. That’s more than double the federal minimum wage.
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DENVER After a constituent called Colorado state Rep. Alex Valdez last spring and complained that some local businesses weren’t accepting cash, the Denver Democrat started noticing cashless businesses everywhere, from restaurants to his local coffee shop.
Valdez thought refusing cash due to the COVID-19 pandemic made no sense, as merchants were still willing to touch debit and credit cards. And he feared such policies could shut out people without bank accounts, a group that’s disproportionately low-income, Black and Hispanic.
So this year Valdez sponsored a bill that would require retailers to accept cash, with a few exceptions. “We really just need to reaffirm that cash is currency,” he said.