The U.S. labor force expanded by an impressive 786,000 people in August — but that's not nearly enough to fill the millions of jobs available. In this week's Markets Weekend, we dive into why America has such an acute labor shortage.
Russia kept one of its main gas supply routes to Europe closed on Saturday, causing concerns of winter fuel shortages that could push major economies into recession, Reuters reports.
Driving the news: European governments expected Gazprom, the Russian energy company, to restart flows at the Nord Stream 1 pipeline, but Russia kept it closed, citing maintenance issues.
More than 14,000 UPPAbaby strollers were recalled this week after a child’s fingertip got caught in a brake and was amputated, according to the U.S. Consumer Product Safety Commission.
Driving the news: The recall involves 14,400 UPPAbaby All-Terrain RIDGE Jogging Strollers manufactured between July 2021 and August 2022, and customers are being urged to stop using them immediately.
14- and 15-year-oldsare finding themselves in demand in the workforce.
Why it matters: Employers grappling with labor shortages are being forced to get creative to fill positions where they can't find more experienced help.
The number of Americans who work more than one job fell sharply when the pandemic struck — and still hasn't fully recovered.
Details: Household survey data from the U.S. Bureau of Labor Statistics shows that the number of Americans working two jobs — 7.7 million — is about 4% below where it was before the pandemic.
Americans started new businesses at a record rate during the pandemic, as they reassessed their lives during lockdown, saw their stock-market savings expand, and received stimulus checks from the government.
Why it matters: The mass exodus from the traditional workforce has contributed to the labor shortage.
COVID-19 continues to be a meaningful factor in the labor shortage.
Why it matters: Workers dropping out of the workforce due to long COVID are exacerbating the shortage issues stemming from a perpetual stream of folks calling in sick with the virus.
When countries can't produce enoughof something to meet demand, they generally import it from abroad. Over the past couple of years, however, the pace at which the U.S. has been importing foreign labor has fallen off a cliff.
By the numbers: If a multinational wants to transfer a worker from a foreign country to the U.S., it applies for an L-1 visa. In 2019, 76,988 such visas were issued — along with 80,720 L-2 visas for spouses and dependents, who are also allowed to work while here.
There was a heartening rise in the labor force of 786,000 people in August, causing an uptick in the overall labor force participation rate. But the rate for Americans over 55 actually fell last month to 38.6%.
Between the lines: Health concerns, caregiving needs and rising investment values were some of the drivers of the Great Retirement, according to the St. Louis Fed.
Why it matters:Attendance at movies has been rebounding but there’s a lack of new releases for the unofficial last weekend of summer. An extended version of "Spider-Man: No Way Home” has been re-released and is considered the weekend’s only major release.
