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The Federal Open Market Committee wrapped up its two-day March meeting today, and, like always, Federal Reserve Chair Jerome Powell held a press conference after. Powell had two main messages. First, “talking about inflation is one thing, actually having inflation run about 2% is the real thing,” he said. Also, the outlook for the economy in the next two to three years is “highly uncertain.” Also on the show: small businesses are having trouble finding workers, why there’s a shortage of shipping containers and pandemic-induced patience might not last.
After being at home for a year, a lot of people are itching to travel — even if it’s for work. The number of people passing through Transportation Security Administration checkpoints and booking flights for the coming months is on the rise. And as vaccinations ramp up, some countries are debating whether to require vaccination passports for entry. On today’s show: a look at the post-pandemic travel industry. Plus, Asian Americans are experiencing especially high levels of long-term unemployment, a check-in on the steel market and how smokers have boosted state tax revenue during the pandemic.
“I’m hopeful that, if we defeat the pandemic, that we can have the economy back near full employment next year,” Treasury Secretary Janet Yellen said over the weekend. “Full employment” is a sweet spot for the economy in which the jobless rate is as low as possible without employers bidding wages through the roof to get the workers they need, everyone who wants a job can get one and inflation doesn’t soar out of control. So what might full employment look like to Federal Reserve and Treasury policymakers? Also on today’s show: a new infrastructure bill that goes beyond roads and bridges, why economists think peer-to-peer payment apps like Venmo will continue growing after the pandemic and SoundCloud wants to do better by musicians.
Black women have borne the brunt of the pandemic, dying from COVID-19 and losing jobs at disproportionate rates. And according to Goldman Sachs, Black women’s wealth is 90% lower than white men’s. The financial firm said it will commit $10 billion over the next decade toward economic opportunities for Black women. But, one expert said, it’s important to remember that money is not the only thing women need. Also on today’s show: how restaurant relief money will be distributed, why supermarkets are investing in robots and congressional earmarks make a comeback.
One year ago, the coronavirus pandemic became real for many Americans. Workplaces went remote, schools shut down and Oscar-winning actor Tom Hanks announced that he and his wife had contracted the virus. Then, millions of Americans were furloughed or laid off from their jobs, and 20 million people are still receiving unemployment benefits. On today’s show: We try to get a sense of the scale and severity of joblessness over the past year. Plus, some of the biggest companies in the U.S. are optimistic about 2021, the relief bill grants expanded access to Obamacare and what it’s been like to be a remote intern during the COVID-19 contagion.
Congress finally passed President Joe Biden’s American Rescue Plan, and businesses, communities and individuals are getting ready for their slices of the nearly $2 trillion pie. But moving that much money through the federal government will take a while. Also on today’s show: the complications of resuming in-person learning, a look at a bill that would extend union protections and a conversation with “Minari” writer-director Lee Isaac Chung.
More than 2 million women have left the workforce since the start of 2020, and, as we’ve been reporting, many did so to care for children. The American Rescue Plan, poised to be passed this week, is offering an expanded child tax credit that could provide up to $300 a month per child under the age of 6. It also includes nearly $15 billion to support child care facilities. But will that be enough to get women back to work? Plus, a virtual SXSW festival, why Unilever will stop using the word “normal” on its products and some companies are rethinking what driverless cars should look like.
Sure, Los Angeles is famous for bad traffic on its roads. But what about its waterways? Dozens of massive container ships — carrying everything from furniture and appliances to building materials — are waiting to be unloaded at the ports of Los Angeles and Long Beach. On today’s show: How that port backup could affect businesses’ hiring decisions. Plus, crude oil prices rose today, Coursera’s IPO reflects the demand for online learning and President Joe Biden has his hands full rebuilding a demoralized federal workforce.
Despite a solid bump of 379,000 new jobs in February, today’s employment report shows a continued rise in one closely watched category: Americans who have been jobless for over half a year. More than 4 million workers are currently considered long-term unemployed. And the longer people are away from the workforce, the longer it takes to return. Also on today’s show: an update on the COVID-19 relief package, why full retail recovery hinges on women getting back to work and Chipotle makes moves to hit diversity and sustainability targets.
Microbusinesses, defined as having nine or fewer employees, are the most common kind of employer in the U.S. But they might have a hard time getting the financial aid meant for small businesses during the coronavirus pandemic. On today’s show: a microbusiness owner shares what it’s been like this past year. Plus: Some manufacturers are having difficulty filling jobs despite high unemployment; food commodities are at their most expensive since 2014; and what it’s like to look for work during a pandemic.
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