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A person holding a pride flag in front of the Supreme Court building on June 15. Photo: Chip Somodevilla/Getty Images

This week's Supreme Court ruling that American companies cannot fire workers for their sexual orientation "is good news for the U.S. economy," Paul Donovan, chief economist at UBS Global Wealth Management, writes in a note to clients. In fact, he says, "The impact is potentially quite big."

The big picture: The decision provides employment security to an additional 5% of American workers and gives the U.S. an international comparative advantage.

  • "Around 60% of the countries in the world still allow your boss to fire you if they do not like who you date," Donovan says.
  • That could mean the U.S. attracts and retains a higher number of the international workforce than it would have previously.

Further, "If prejudice could cost someone their job, they needed cash as insurance. If that risk is reduced, LGBTQ+ investors can consider more diverse investment options. Taking money out of idle cash balances to invest should be positive for the economy."

Finally, the ruling should increase labor mobility as LGBTQ+ workers no longer have to fear moving to states (which were previously about half of the U.S.) where employers had legal permission to fire an employee for their sexual orientation.

  • This should increase productivity and employment, Donovan argues.
  • "Mobility will be important with the structural changes of the fourth industrial revolution."

Go deeper: Supreme Court rules that workers cannot be fired for being gay or transgender

Go deeper

Aug 18, 2020 - Economy & Business

Coronavirus brings a wave of early retirements

Photo illustration: Annelise Capossela/Axios. Photo by George Rinhart/Corbis via Getty Images.

The coronavirus is already triggering early retirements. That's bad news for the American economy, experts say.

Why it matters: "It’s a missed opportunity if people are being forced to retire early," London Business School's Scott says. "There's a big impact on their lifetime earnings and a big impact on lifetime expenditures. And that has macroeconomic consequences."

27 mins ago - World

Biden huddles with European allies on Ukraine ahead of Putin call

Putin in the Kremlin. Photo: Grigory Sysoyev/Sputnik via Getty

President Biden will seek to convince Russia's Vladimir Putin in a phone call Tuesday that the price of invading Ukraine would be steeper than anything he's faced in the past.

Driving the news: Biden held a call on Ukraine this evening with the leaders of France, Germany, Italy and the U.K., while Secretary of State Tony Blinken called Ukrainian President Volodymyr Zelensky to offer America's "unwavering support."

Justice Department closes Emmett Till murder probe

A faded photograph is attached to the headstone that marks the gravesite of Emmett Till in Burr Oak Cemetery in Chicago. Photo: Scott Olson via Getty Images

The family of Emmett Till announced Monday that the Department of Justice has formally closed its second investigation into the 1955 murder of Emmett Till.

Why it matters: The DOJ reopened the probe in 2018 after the white woman at the center of the case reportedly recanted her allegation that Till, a Black 14-year-old, sexually harassed her prior to his murder.

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