Daily Briefing – 371

U.S. Job Openings Rose to a Record 10.9 Million in July

U.S. job openings rose to a fresh record high in July. The number of available positions rose to 10.9 million during the month from an upwardly revised 10.2 million in June, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed Wednesday. 

Employers have offered incentives to attract applicants — like higher wages and one-time bonuses — but the pool of available  

read more »

Daily Briefing – 370

Federal Pandemic Unemployment Benefits Expire

Nearly 18 months after Congress came to the rescue of jobless Americans, its historic expansion of the nation’s unemployment benefits system expired nationwide this weekend. Lawmakers, who extended the three pandemic programs in December and March, are not expected to renew them again. A key component of the relief effort was a federal weekly supplement for out-of-work Americans. Initially,  

read more »

Daily Briefing – 369

Why the August Jobs Report Missed so Big

The August jobs report out just before Labor Day missed big. The economy added just 235,000 new payrolls, dramatically falling short of expectations of 733,000 — by a third. The unemployment rate was in line with expectations at 5.2%, down from July’s 5.4%.

“The catalyst for the slowdown appears to be the recent surge in the COVID cases as high touch sectors such as leisure and hospitality  

read more »

Daily Briefing – 368

U.S. Manufacturing  Sector Edges Up in August – ISM

The Institute for Supply Management (ISM) said on Wednesday its index of national factory activity inched up to 59.9 last month from a reading of 59.5 in July. A reading above 50 indicates expansion in manufacturing, which accounts for 11.9% of the U.S. economy. Economists polled by Reuters had forecast the index falling to 58.6.

Manufacturing is holding up even as spending is rotating back to services  

read more »

Daily Briefing – 367

Hochul Announces New Measures to Combat COVID-19 Delta Variant

Governor Hochul yesterday announced new measures to combat the COVID-19 Delta variant and updated New Yorkers on the state’s progress combating the virus.

Getting children back to school where they can learn most effectively and protecting the students, teachers and staff are top priorities. Building on the state department of health’s directive requiring universal masking for anyone  

read more »

Daily Briefing – 366

Powell Says Fed Could Start Scaling Back Stimulus This Year

Speaking to an audience of economist and CEOs and academics at a Virtual Jackson Hole Event, Federal Reserve Chairman Jerome Powell reaffirmed the central bank’s emerging plan to begin reversing its easy-money policies later this year while explaining in greater detail why he expects a recent surge in inflation to fade over time.  

At the Fed’s meeting late last month, “I was of the view,  

read more »

Daily Briefing – 365

Reckoning – NY Adds 12,000 Deaths to Publicized COVID Tally

New York’s new governor, Kathy Hochul acknowledged on her first day in office that the state has had nearly 12,000 more deaths from COVID-19 than Cuomo told the public. “The public deserves a clear, honest picture of what’s happening. And that’s whether it’s good or bad, they need to know the truth. And that’s how we restore confidence,” Gov. Kathy Hochul said on NPR.

In its first  

read more »

Daily Briefing – 364

Hochul Sworn In: ‘I Want People to Believe in Their Government Again’

Kathy Hochul became the 57th governor of New York on Tuesday and in her first hours on the job sought to bring a new sense of urgency to tackling issues that went unaddressed during Andrew Cuomo’s distracted final months in office. In an afternoon address, she:

  • Said she was immediately making masks mandatory for anyone entering schools and would work to implement a requirement that all school staff either be vaccinated or undergo weekly COVID-19 testing.
  • She said the state would launch a back-to-school testing program to make testing for students and staff more convenient.
  • She also pledged quick action to unstick an application bottleneck that has kept federal aid money from flowing to renters who suffered financially because of the pandemic.
  • She promised to get the state ready to distribute vaccine booster shots, when they become widely available, including reopening mass inoculation sites that had previously closed.
  • And she also said New Yorkers “can expect new vaccine requirements,” though she didn’t specify what those might be.

Hochul promised more transparency and ethical conduct in government going forward.

SUNY Mandates Vaccinations for All Students Within 35 Days

Monday’s FDA announcement that the Pfizer vaccine  

read more »

Daily Briefing – 363

FDA Grants Full Approval to Pfizer’s COVID-19 Vaccine

The Food and Drug Administration (FDA) granted the Pfizer-BioNTech COVID-19 vaccine full approval in a highly anticipated move that’s expected to boost vaccinations and spark more mandates nationwide.  The federal agency reached the milestone of issuing the first complete authorization for a COVID-19 vaccine after an approximately three-month review of Pfizer’s and its German partner BioNTech’s  

read more »

Daily Briefing – 362

Kathy Hochul to Become Governor at Midnight Aug. 24

When Monday night immediately slips to Tuesday, Kathy Hochul will become New York’s 57th governor. Excelsior. 

While Gov. Andrew M. Cuomo’s office, for a fourth straight day, would not publicly say Monday when Cuomo will depart his job, Hochul’s officials said they have now officially been told of the embattled Cuomo’s exit: Monday at 11:59 p.m.

Read more at the Buffalo News

Yellen Writes Letter To Congress Officially Ending Enhanced Unemployment

The end to  

read more »

Daily Briefing – 361

Biden to Require Vaccines for Staff at Federally Funded Nursing Homes

President Biden on Wednesday announced a plan to require Covid-19 vaccinations for staff in federally funded nursing homes — and withhold money for facilities that don’t comply with the policy. The administration floated a vaccine order earlier this month, earning swift criticism industry groups.

It’s the first time the White House has used the threat of holding back federal funding  

read more »

Daily Briefing – 360

Survey: Council Members not Mandating Vaccines…Yet

The Council of Industry surveyed its members to determine whether or not firms were mandating, or considering mandating COVID-19 Vaccines for their employees.  They survey was conducted August 8 – 13th and received 23 responses. Below is a summary of the findings.

  • 2 firms, or less than 8 percent, are mandating vaccines for their employees, 21 are not.  Of those who are not mandating vaccines most cited respect for individual rights as the reason (8) followed by concern over losing employees (7).
  • 9 of the 21 firms that are not yet mandating vaccine for their employees are considering doing so – with more than half (5) citing keeping people safe as the primary reason.
  • 20 of 23 firms (87%) are encouraging employees to become vaccinated with one on one conversations (8) and group conversations (6) most cited.  One firm is providing a cash incentive to be vaccinated.

Empire Manufacturing Survey Supplemental Questions on Job Openings

Supplementary questions in the August 2021  Empire State Manufacturing Survey focused on the degree of difficulty businesses have  

read more »

Daily Briefing – 359

New York lawmakers Announce They’ll Finish Cuomo Impeachment Probe and Release a Final Report

Top Democrats in the New York state legislature will complete their impeachment investigation of Gov. Andrew Cuomo, reversing course after announcing they’d suspend the impeachment probe on Friday due to Cuomo’s imminent resignation from office. “The Assembly Judiciary Committee will continue to review evidence and issue a final report on its investigation of Governor Cuomo,”  

read more »

Daily Briefing – 358

Producer Prices Rise

Producer prices for final demand goods and services increased 1% in July, matching June’s increase, according to the Bureau of Labor Statistics. “Manufacturing leaders continue to cite supply chain disruptions as a key challenge, and the data reflect additional sharp rises in raw material prices,” NAM Chief Economist Chad Moutray said. “While some of these increases will likely be transitory,  

read more »

Daily Briefing – 357

Kathy Hochul Vows Change From ‘Toxic’ Cuomo Administration

New York Lt. Gov. Kathy Hochul said Wednesday that she is ready to take over as governor from Andrew Cuomo in two weeks, and vowed not to have a “toxic” workplace, as Cuomo allegedly has had for three terms. “The governor and I have not been close,” Hochul told reporters at her first press conference.

Hochul also said, “I’m fully prepared to assume the responsibilities of the 57th governor  

read more »

Daily Briefing – 356

Cuomo Resigns Effective August 24th 

New York Gov. Andrew Cuomo has announced he is “stepping aside” from his office.  An investigation released last week found Cuomo “sexually harassed multiple women and violated state law.” Cuomo has repeatedly denied the allegations, but today said he has “been too familiar with people” and apologized to the women he said he “truly offended.” Gov.  

read more »

Daily Briefing – 355

Senate Democrats Outline $3.5 Trillion Antipoverty, Climate Plan

The plan includes universal prekindergarten, two free years of community college, and expanded Medicare to cover hearing, dental and vision care. Democrats are planning to raise taxes on corporations and high-income households to cover the cost of the $3.5 trillion plan, which also calls for a federal paid leave benefit, a series of energy tax incentives, and a program to push the U.S. to receive  

read more »

Daily Briefing – 354

Infrastructure Bill Clears Senate Hurdle – Final Vote Expected Early This Week

The roughly $1 trillion bipartisan infrastructure bill cleared another procedural hurdle in the Senate to bring the agreement one step closer to final passage in a rare weekend session. Lawmakers on Saturday were still seeking to reach an agreement on holding votes on a final set of amendments. Republicans and Democrats fell short of that agreement meaning the bill could ultimately proceed without  

read more »

Daily Briefing – 353

NAM Pushes for Historic Infrastructure Investment

The Senate’s $1.2 trillion bipartisan infrastructure bill mirrors many of the NAM’s priorities. Many of the bill’s provisions are included in the NAM’s Building to Win infrastructure plan. The bill contains provisions in five broad areas that are critical to manufacturers:

  • Increased infrastructure investment like upgrading roads and rail and bridging the digital divide.
  • Smart policies to speed up projects like sustainable permitting.
  • Actions to tackle climate change like grid modernization, carbon capture and clean hydrogen investment.
  • Efforts to create cleaner communities through investments in drinking water and efficient manufacturing.
  • The retention of competitive tax gains that have helped manufacturers create jobs and invest in their businesses across the country.

Throughout the day yesterday, the NAM is encouraged organizations and company leaders to take to social media channels  

read more »

Daily Briefing – 352

Infrastructure Bill Heads to Final Stretch in the Senate

The ten senators who negotiated the physical infrastructure deal are vowing to collectively block any effort that would endanger the bill’s odds of reaching President Joe Biden’s desk. The chamber is kicking off a lengthy debate on proposed amendments to the gang’s work, which would spend $550 billion in new spending on roads, bridges, broadband and climate resiliency.

While the upper chamber’s  

read more »

Daily Briefing – 351

What Comes Next for the $1 Trillion Bipartisan Infrastructure Bill

Majority Leader Chuck Schumer aims to rush the 2,702-page legislation through the chamber before a planned monthlong recess starting Aug. 9. Votes on amendments — or a decision by any senator to delay the process — could trip up the New York Democrat’s timeline. Schumer on Monday urged all 100 senators to agree to start the amendment process, warning the “longer it takes to finish the bill,  

read more »

Daily Briefing – 350

Commerce Department Report: Personal Spending, Wages, Inflation Up in June

U.S. households boosted spending by 1% in June as consumers shelled out more on services at the start of the summer. Friday’s report showed that the core personal-consumption expenditures price index–a measure of inflation that excludes often-volatile prices for food and energy–was up 3.5% in June from a year ago, compared with a 3.4% yearly increase in May.

Personal-consumption  

read more »

Daily Briefing – 349

Fed Says Economy Has Made Progress Toward Its Goals, May Begin Bond Taper

The Federal Reserve indicated that the economy has made progress toward the central bank’s employment and inflation goals, and officials offered a hint they could begin to reduce their asset purchases later this year.

Some officials are concerned that a burst of inflation this year from bottlenecks associated with reopening the economy will prove more durable than previously anticipated. These  

read more »