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☆ Canada grants record permanent residency permits in 2022
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +2 min

OTTAWA, Jan 3 (Reuters) - Canada set an immigration record last year by granting more than 437,000 foreigners permanent residency, the government said on Tuesday, as it ramps up immigration to fight a tight labor market. The government had set a target to welcome 431,645 new permanent residents in 2022, and the immigration ministry said Canada has reached that target to make it the largest annual intake of people in Canadian history. The tally for last year is about 9% higher than 2021, when Canada surpassed the previous record set in 1913, and comes as Canada seeks to bring in 1.45 million new permanent residents by 2025-end. Immigration is a key part of the solution as Canada focuses on addressing an acute labor market shortages, the ministry said. People with permanent residency permits can typically apply for citizenship after five years.

☆ These Hollywood celebs and an NFL Hall of Famer want you to electrify your home to help solve the climate crisis
▼ + stars: | 2022-12-28 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +6 min

GoodLeap is the largest financier of residential solar loans in the US, with 28% of the market. The former NFL tight end and Pro Football Hall of Famer told Insider he often reflected on whether, in life's final moments, he'd be proud of his choices. Gonzalez, who's also invested in plant-based-food companies like Beyond Meat, told Insider the climate crisis was the most important issue of his — and his children's — lifetime. GoodLeap is the top provider of residential solar loans, with a 28% share of the market. "Part of my work has always been making sure folks who typically are unconsidered are considered," DeBerry told Insider.

☆ Insana: Signs of slowing inflation emerge, and the Fed now risks doing too much
▼ + stars: | 2022-12-23 | by ( Ron Insana | ) www.cnbc.com time to read: +4 min

Certainly, Friday's inflation data, included in the personal income and spending report, showed a marked deceleration in so-called personal consumption expenditure inflation. Over the past five months, many measures of inflation have fallen more quickly than forecast, including those most closely watched by the Federal Reserve. It now risks doing too much and pushing the U.S. economy into an entirely unnecessary recession next year. That comes at a time when seasonal and historical patterns — like the presidential cycle — favor a positive stock market performance in 2023. First, as was the case in 2021, U.S. population growth was abysmal this year, rising only 0.4%, according to the U.S. Census Bureau.

☆ America needs immigrants to solve its labor shortage
▼ + stars: | 2022-12-22 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +6 min

But If you’re wondering why America’s labor shortage persists nearly three years into the Covid pandemic, it’s in part because America doesn’t have enough immigrants. Immigrants are vital to the US economy and fill thousands of US jobs – jobs many Americas don’t want to do. Federal Reserve Chairman Jerome Powell said that in addition to an aging workforce there is a lack of foreign labor contributing to labor shortages. Those types of industries had higher rates of unfilled jobs last year – adding to existing labor shortages, according to UC Davis research. “The farm labor crisis is hindering production and contributing to food price inflation.

☆ The White House wants to entice Americans back to work by giving them more benefits
▼ + stars: | 2022-12-22 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +4 min

A top Biden economist said the president is looking to fix the labor shortage by making it easier to get back to work. That includes giving people childcare options and lowering "costs for consumers." Deese is also referencing the high inflation that the Federal Reserve is fighting to curb, and that Americans are struggling to keep up with, adding that the White House will potentially take administrative actions to reduce the price of housing. Deese was not specific about what White House economists' plans would be beyond that, but he suggested childcare was key to making sure that parents would be able to work. Such provisions may be hard for Biden to pull off after losing control of the House to Republicans this year.

☆ With inflation still elevated, a recession looming, and workers still in short supply, the minimum salary people will accept right now is almost $74,000
▼ + stars: | 2022-12-20 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +6 min

That's according to average reservation wage results from the New York Fed's SCE Labor Market Survey. The average reservation wage in November 2022 was $73,667, 4.7% higher than the average a year earlier. Prices are soaring, the labor market is still hot, and some small businesses are having a hard time filling openings. The average reservation wage from March 2020 to November 2022 climbed more for employed people, compared to peers who aren't working. The record reservation wage also backs up what economic data has continually shown: The labor market doesn't seem too worried about a recession.

☆ Struggling to Find Accountants, Businesses Boost Salary Offers, Hire Temporary Workers
▼ + stars: | 2022-12-19 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

Companies’ accounting and finance departments in particular, which are crucial for managing financial operations, internal controls and financial reporting, are suffering from the lack of personnel. It has 20 to 30 open finance and accounting positions globally, Mr. Juillard said. Companies also try to retain the finance and accounting workers they have. “Securing that talent has been the biggest problem,” Mr. Thorpe said. GEE used to elevate staff accountants to senior accountants in one to three years and to managers in three to six years, Mr. Thorpe said.

☆ Black women are worn out from discrimination in corporate America. They're leaving to launch their own businesses, creating a hole for talent across industries.
▼ + stars: | 2022-12-19 | by ( Alexandra York | Marguerite Ward | ) www.businessinsider.com time to read: +8 min

Black women are being pushed out of corporate America by microaggressions, belittling, and burnout. Their departures are likely to hurt innovation and profits in corporate America. For Black women facing disrespect on the job, those pledges of a more equitable workplace can seem hollow. Insider spoke with Stewart and two other Black women who've left the corporate world since 2020 to start their own businesses. They're among those making Black women the nation's fastest-growing group of entrepreneurs.

"I don't think it would qualify as a recession," Powell said of the growth rate penciled in by policymakers. Recessions in the United States have come in many flavors - deep or shallow, short or long. That's twice the annual growth the Fed says the United States will have experienced in 2022, and what it foresees through 2023. The rise in the unemployment rate then was more than the Fed currently anticipates for next year. The Fed sees unemployment rising from 3.7% now to 4.6% in 2023 and remaining almost unchanged for two years after that.

☆ 3 reasons why the US labor shortage may never be solved
▼ + stars: | 2022-12-16 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Federal Reserve Chair Jay Powell said that there's a "structural labor shortage" happening right now. The structural labor shortage means workers will still hold the upper hand for years. "It feels like we have a structural labor shortage out there," Powell said. It's not a new thought, but it's one that's become increasingly held as the short-term — and potentially long-term — labor market continues to be extremely tight. Labor market data shows that plenty of them are getting hired.

☆ As more men leave the workforce, women are stepping in to fill those jobs
▼ + stars: | 2022-12-15 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +6 min

And that is reflective of new trends developing both for men and women in the labor force. In recent months, more men aged 30-44 have been dropping out of the workforce, according to data from the Bureau of Labor Statistics. Although more men are stepping out of the workforce to take care of children post-pandemic, it’s still only in the single digits, according to economist Richard V. Reeves. The data showed that the total number was skewed more towards women than men, since so many women assumed caretaker roles at home when daycare centers and schools closed during lockdowns. Since then, men and women have gained back all the jobs lost.

☆ Fed policymakers see interest rates higher, for longer
▼ + stars: | 2022-12-14 | by ( Ann Saphir | ) www.reuters.com time to read: +2 min

In September they thought 2023 would end with the Fed policy rate at 4.6%. Meanwhile policymakers expect their interest-rate hikes to push the unemployment rate, now at 3.7%, to 4.6% in the final quarter of 2023, and stay there through 2024. By one measure, known as the Sahm Rule for former Fed staffer Claudia Sahm, an increase of that magnitude in the unemployment rate likely signals a recession. Wednesday's projections show Fed policymakers have become more pessimistic about the outlook for economic growth, with a median projection for GDP growth next year of 0.5%, versus September's expectation for 1.2%. Two Fed policymakers see the economy shrinking next year.

☆ When will the Federal Reserve ease its rate hikes and inflation fight? Keep an eye on your annual raise
▼ + stars: | 2022-12-14 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +4 min

Federal Reserve Chair Jerome Powell holds a news conference in Washington, November 2, 2022. It's the labor market as much as the CPI, and employment data remains troubling for the Fed. Inflation is down, but employee expectations are still high for raises because they have lost purchasing power. This views positions the positive news on CPI inflation as only one piece of the puzzle, and not even the biggest piece as far as the Fed is concerned. And until the Fed sees that labor market inflation coming into line, the central bank is not likely to make a major move away from its tightening course.

☆ Inflation is falling. But the days when prices rose just 2% may never return
▼ + stars: | 2022-12-13 | by ( Julia Horowitz | ) edition.cnn.com time to read: +9 min

Energy prices are pulling back because of fears of a global recession, and the price to ship a container across the ocean has plummeted. In the United States, consumer prices rose at an annual rate of 7.1% in November, the smallest increase since December 2021. Prices rose by 10.7% in the United Kingdom last month, down from 11.1% in October, according to data published Wednesday. But even if this bout of inflation has peaked, economists are warning the world may not return to simpler days when prices barely rose at all. At least for now, supply of critical minerals can’t keep up, which could force prices higher at times.

☆ Men without college degrees are dropping out of the workforce because they viewed their dead-end jobs as a threat to social status
▼ + stars: | 2022-12-11 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

Working-age men without degrees are exiting the workforce because it isn't helping their social status. For these men, jobs aren't just a source of income; they're a source of social status. That's especially true for white men, Wu writes, and younger men, who see a job with limited pay growth — which they believe could affect their marriage prospects and social status — as worse than no job. Why men without college degrees are leaving the workforce to save their social status, and what they can do insteadWu said marriage market anxiety for younger male workers is likely the prime reason for leaving the workforce when their social status declines. Studies show that stress and low-self-esteem linked to lower social status contribute to worse health and early death.

☆ Lawmakers explain why they went to Qatar for the World Cup despite human rights concerns: 'There are no perfect countries'
▼ + stars: | 2022-12-10 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +7 min

Qatar's hosting of the 2022 World Cup has been controversial, given the country's human rights record. The congresswoman also suggested that the 2026 World Cup may prompt similar conversations about human rights abuses in North America. "We are slated to host the World Cup next with Mexico and Canada," she said, referring to the 2026 World Cup. "The spotlight of the World Cup has caused Qatar to make a lot of important reforms to their employment law." According to Human Rights Watch, LGBTQ people have been subjected to arbitrary arrests and ill-treatment in detention.

☆ Apple made China the backbone of its iPhone assembly. Shifting away could take years
▼ + stars: | 2022-12-09 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +6 min

For years, Apple has relied on a vast manufacturing network in China to mass produce the iPhone, iPad and other popular products found in households around the world. “Apple would not be the company that it is today without China as a manufacturing base,” said Eli Friedman, a professor at Cornell University whose research focuses on labor and development in China. Apple CEO Tim Cook, who helped build the company’s global supply chain, acknowledged the unique manufacturing strengths of China in one 2015 interview. Labor costs in China, while on the rise over the past decade, are also “artificially cheap because of political repression against labor organizers,” according to Friedman. Another key element to why Apple “is really reluctant to rock the boat with China is that China is also a massive market for Apple,” according to Wharton’s Allon.

On this National Latina Pay Equity Day — set aside on Dec. 8 to focus on the pay gap between Latinas and non-Hispanic white men — advocates are pressing a distinct message: It's worse than you think. The true reality of millions of working women has not been reflected in calculations of the wage gap by leaving out women who work part-time, seasonal or migrant jobs, Ramírez said. For Latinas, it takes an average of 24 months to equal what white, non-Hispanic males are paid in 12 months. According to the Justice for Women report, non-Hispanic white men working full and part time on average earn $50,624 per year, while Latinas working full and part time average $25,312. Among Latinas specifically working full time, year-round, women of Honduran descent had the lowest earnings compared to non-Hispanic white men, at 44 cents for every dollar earned.

SummarySummary Companies Weekly jobless claims rise in line with estimatesSalesforce slips on downgradeIndexes up: Dow 0.72%, S&P 0.82%, Nasdaq 1.19%Dec 8 (Reuters) - The S&P 500 gained ground on Thursday, lifted by technology and energy shares, while a rise in weekly jobless claims suggested the labor market was slowing down. "More people are filing jobless claims, which shows labor forces are weakening a little bit," said Thomas Hayes, chairman at Great Hill Capital LLC in New York. Ten of the 11 major S&P 500 sector indexes rose, led by 1.5% gain in technology stocks (.SPLRCT). Most mega-cap technology and growth stocks such as Apple Inc (AAPL.O), Nvidia Corp (NVDA.O) and Amazon.com (AMZN.O) rose between 1.4% and 4.2%. The S&P index recorded 11 new 52-week highs and two new lows, while the Nasdaq recorded 53 new highs and 132 new lows.

November's labor force participation rate of 62.1% was almost exactly where it was in January, with little variation in between. Each month millions of adults change their work status: Some join the labor market by either accepting a job or starting a job search; others move between a job and unemployment; some leave the labor market altogether. Increasingly "workers leaving employment are dropping out of the labor force, not becoming unemployed," TS Lombard economist Steven Blitz wrote recently. Recent changes in labor flow data "underscores the Fed's concern about the supply-demand labor imbalance underpinning inflation." Reuters GraphicsFEWER 'UNRETIREMENTS'The payroll jobs and labor force data come from different surveys, one of firms and one of households, and might be revised over time.

"It's just one data point that leads to the Fed cooling down their aggressive hikes, but it doesn't change December's 50 basis point (rate hike). The key is going to be the data between December and February as to what they do next." The U.S. central bank has raised its policy rate by 375 basis points this year in the fastest hikes since the 1980s. Adding to the fears, the yield curve between the 2-year and 10-year Treasury notes has also widened in the recent days. ET, Dow e-minis were up 148 points, or 0.44%, S&P 500 e-minis were up 22.5 points, or 0.57%, and Nasdaq 100 e-minis were up 65.5 points, or 0.57%.

☆ Long Covid is distorting the labor market — and that's bad for the U.S. economy
▼ + stars: | 2022-12-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +13 min

She eventually learned that the balance issues and ear pain resulted from a damaged vestibular nerve, a known effect of long Covid. She found that 2 million to 4 million full-time workers are out of the labor force due to long Covid. For one, many of the hundreds of potential long Covid symptoms are invisible to others, even if disabling for the afflicted. Why the long Covid labor gap mattersJerome Powell, chair of the Federal Reserve, mentioned Sheiner and Salwati's long Covid research in a recent speech about inflation and the labor market. That burden will continue to rise if long Covid patients don't start recovering at greater rates, she said.

The tech industry accounts for about one-quarter of this year's job cuts, Challenger data show. The automotive industry has had 30,669 job cuts announced, compared with 10,277 through November 2021. And real estate has had 7,919 cuts announced this year, compared with 2,762 in 2021 year-to-date. "We've seen a lot of job cuts around mortgage origination and fintech firms in mortgages. U.S.-based employers announced 76,835 cuts in November alone, more than double the 33,843 cuts announced in October and four-times the number of cuts announced last November, Challenger data show.

☆ Your job is probably safe, even in a recession. Employees are going to have the upper hand for years.
▼ + stars: | 2022-12-04 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +7 min

Declining immigration and an aging population could cause the labor shortage to continue in the years ahead. And the labor shortage may only get worse in the years ahead. Those slowdowns have already contributed to the current labor shortage, and will continue to do so for years to come. "But it's happening very slowly, and I don't think it explains what is particularly going on in the labor market right now." A steady decline in the US' working age population might not only create problems for businesses looking to grow.

☆ Wall Street experts are warning that stocks are in for more trouble as a robust November jobs report is crushing investor hopes of a dovish Fed
▼ + stars: | 2022-12-03 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Stocks fell on Friday after the Bureau of Labor Statistics announced a robust November jobs report. But with the economy resilient, the Fed could continue to cause more pain for stocks going forward. November's jobs report, however, puts a pin the hopes of those anticipating easier policy sooner. He added: "Chairman Powell's speech earlier in the week was interpreted with a dovish lens, but that spin is likely to be reassessed based on the jobs report. Even before Friday's jobs report, some Wall Street strategists and money managers have been warning of further trouble ahead.

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