On The Money – Layoff rate hit record high in December


Happy Tuesday and welcome to On The Money, your nightly guide to everything related to your bills, bank account, and bottom line. Subscribe here: thehill.com/newsletter-signup.

Today’s big deal: Demand for workers remained strong in December…until omicron showed up, at least. We will also look at the progress of a Russian sanctions bill and other omicron-related shipping issues for a major carrier.

But first, a first step towards COVID-19 vaccines for the youngest children.

For The Hill, we are Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. contact us at slane@thehill.com Where @SylvanLane, afolley@thehill.com Where @ArisFolley and kevers@thehill.com Where @KarlMEvers.

Let’s go.

Dismissals, hirings, departures down in December

Job postings rose slightly and the layoff rate fell to a record low in December before the emergence of the omicron variant of COVID-19 rattled the U.S. economy, according to data released Tuesday by the department. work.

The background: Companies have struggled for months to hire and retain enough workers to meet consumer demand, with millions of Americans who left the workforce in 2020 yet to return. While the record surge of COVID-19 caused by omicron slowed the economy in January, it appears to have had a limited impact on labor turnover in December.

  • Employers had 10.9 million job vacancies posted in December, according to the Department of Labor’s Job Openings and Labor Turnover Survey (JOLTS), compared with about 10.8 million in November.
  • The percentage of U.S. employees laid off or laid off fell to an all-time high of 0.8%.
  • The percentage of U.S. employees who voluntarily left their jobs in December, also known as the quit rate, even remained at an all-time high of 2.9%. Labor market experts use the quit rate as an indicator of Americans’ confidence in their ability to get a new job with better pay or career opportunities.

“Today’s report suggests that the last wave of the pandemic caused by the omicron variant did not fully affect the labor market in December. Demand for workers, as measured by job postings, remained robust and layoffs hit a new all-time low,” wrote Nick Bunker, research director at Indeed Hiring Lab, in a Tuesday analysis.

Sylvester see you here.


FedEx suspends domestic express freight services as omicron hits employees

FedEx announced on Tuesday that it has suspended domestic express freight services due to staffing shortages related to COVID-19.

The company announced that it had suspended its economy FedEx domestic express freight, which includes two-day freight and three-day freight services, due to an increase in infections fueled by the highly contagious variant of omicron. .

Monique Beals of The Hill has more here.


Clyburn’s favorite for the high court comes under scrutiny in the company’s work

U.S. District Judge J. Michelle Childs, whose name has been among those proposed as a potential Supreme Court justice replacement Stephane BreyerStephen BreyerJudiciary chairman says ‘multiple’ Republicans may be open to Biden’s Supreme Court pick On The Money – How Breyer is bailing out the blocks to build back better, is likely to come under scrutiny from progressives because of her experience as a lawyer defending employers against workplace lawsuits.

Childs’ rise can in part be attributed to a powerful ally of Rep. James Clyburn (DS.C.), the No. 3 Democrat in the House who has lobbied Biden on his behalf for at least a year and who this week touted her as a potential Supreme Court nominee who could attract Republican votes.

But his record could hold a number of red flags for progressives who have so far applauded Biden’s first-year record of elevating former public defenders, civil rights lawyers and labor champions to the bench. federal.

  • Progressive activists cite her experience as a management-side labor lawyer in South Carolina, one of the most union-unfriendly states.
  • They see an urgent need to fill Breyer’s next vacancy with a bona fide progressive lawyer as the six-judge conservative majority seems increasingly willing to dismantle trade and environmental regulations and labor protections.

The Hill’s Harper Neidig has more on the rift here.


Progressive poll finds broad support for China’s competitiveness bill

A bill pending in Congress aimed at boosting the domestic semiconductor industry and making the United States more competitive with China has broad support among likely voters, according to a news report. survey by a liberal polling firm.

The Data for Progress poll, which was first obtained by The Hill, found that 73% of likely voters “somewhat” or “strongly” support the US Innovation and Competition Act, a measure adopted by the Senate that would invest $52 billion in domestic semiconductor manufacturing. .

  • The bipartisan bill won the support of 84% of Democrats, 71% of independents and 63% of Republicans, according to the poll.
  • The new data comes as the White House calls on Congress to pass the legislation “as soon as possible.”

House Democrats unveiled their own China competition bill last week. The House is expected to vote on the measure this week before possibly merging it with the Senate version so it can get to President BidenJoe BidenOvernight Health Care – Moderna’s COVID-19 vaccine approved Overnight Defense & National Security – U.S. and Russian officials clash at Biden’s meeting to jump-start ‘cancer moonshot’ effort at Wednesday’s event MOREoffice.

Read more from Morgan Chalfant of The Hill here.

Good to know

A bipartisan Senate group working on Russia sanctions legislation is trying to figure out how apply penalties regarding the Nord Stream 2 pipeline, which would transport gas from Russia to Germany, and when the sanctions would come into effect.

Lawmakers discussed implementing sanctions against Russian companies that offer secure messaging systems, including SWIFT, the international system through which banks communicate, and providing assistance and security efforts to help Ukraine fight Russian disinformation.

Here’s what else we’ve got our eyes on:

That’s all for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. We’ll see you on Wednesday.


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