All articles tagged with #economy and labor
Workers laid off around age 60 face a brutal catch-22: employers view them as too old for long-term roles, while they are often too young to access full Social Security or Medicare benefits. A USA TODAY investigation highlights how this gap leaves many financially vulnerable, forcing some into bankruptcy or drastic career pivots.
The Bureau of Labor Statistics projects that transportation, storage, and distribution managers will be the highest-paying fast-growing occupations not requiring a college degree, with median pay reaching $100,000. Other roles, including construction supervisors and elevator installers, also show strong growth and high wages, though some high-paying fields like nuclear power operations are expected to decline.
AI adoption in New York City has collapsed entry-level tech job postings by half since 2022, creating a 'cliff' for young workers, while experienced professionals remain secure. Although overall employment is stable, wage growth has lagged inflation, and economists debate whether AI is compressing pay or merely shifting labor demand. Policy responses include CUNY funding and proposals for paid internships to restore the entry-level pipeline.
The August jobs report shows the US added 162,000 payrolls, far above economists’ 55,000 estimate, with the unemployment rate holding at 4.1%. Gains were led by healthcare, while ADP data showed private payrolls rising less than expected, and the report will inform the Federal Reserve’s near-term rate decision amid stubborn inflation.
Truthout reports that Palantir paid no federal income tax in 2025 despite $1.6 billion in net income and receiving billions in federal funding, including a DoD Maven contract. An Institute on Taxation and Economic Policy analysis attributes this to GOP tax breaks and the 2017 Tax Cuts and Jobs Act, noting Palantir as one of at least 88 profitable companies that paid zero or received refunds. The piece links Palantir’s government work with increased surveillance powers and highlights broader corporate tax avoidance amid massive federal outlays to defense contractors and tech firms.
Wisconsin residents, led by DeForest organizers, blocked a Blackstone-backed QTS data center annexation, illustrating a growing nationwide grassroots playbook against private-equity–backed data-center expansion and its potential to raise energy costs and strain water resources, while urging stronger regulations on data centers and privatized utilities.
U.S. workers are expected to receive smaller raises in 2024, with companies planning an average salary increase of 4%, down from 4.4% in 2023. This trend is attributed to a cooler job market and is unlikely to reverse soon, according to labor experts. The demand for labor, which surged post-pandemic, has now moderated, leading to less aggressive wage growth compared to the "great resignation" period. Despite the decrease, the projected raises are still higher than the post-2008 financial crisis average of 3%. Companies are balancing the need to be competitive with the risk of overextending budgets, which could lead to layoffs.
President Joe Biden highlighted the positive aspects of the December Jobs Report, noting the creation of 2.7 million new jobs in 2023 and an unemployment rate consistently below 4%. He emphasized the reduction in inflation to pre-pandemic levels and the decrease in prices for various goods. Biden reaffirmed his commitment to lowering costs for Americans and opposing Republican policies that he believes would benefit the wealthy and threaten social programs.
Nobel laureate economist Christopher Pissarides has warned that advancements in artificial intelligence could render many high-skilled STEM jobs obsolete, potentially disrupting labor markets and changing the demand for certain skill sets. While some experts believe AI will eliminate jobs that involve repetitive tasks and those with clear 'right' answers, others emphasize the importance of STEM education for adapting to future technological changes. Pissarides remains optimistic about AI's impact, suggesting that long-term opportunities will arise in fields that require communication and personal care, and that the overall effect on the job market will be positive.
The Bureau of Labor Statistics' Job Openings and Labor Turnover Survey (JOLTS) for November revealed significant disparities in job openings across industries. Construction is experiencing a boom with a 44% increase in job openings since 2019, reaching the highest number in the data set. In contrast, the information sector, which includes tech and social media companies, saw a 20% decline in job openings compared to 2019. Other sectors like professional and business services, manufacturing, and healthcare continue to have a tight labor market with job openings significantly higher than in 2019, while retail trade has seen a decrease. State and local government education sectors still show signs of teacher shortages, and wholesale trade has seen a slight increase in job openings.