Business Highlights: Holiday Staffing Problems, Growth Downgrade

Business Highlights: Holiday Staffing Problems, Growth Downgrade

___ IMF foresees a slight drop in global growth from pandemic

Companies scraping for staff ahead of the holidays NEW YORK (AP) — Companies that typically hire thousands of seasonal workers are heading into the holidays during one of the tightest job markets in decades, making it unlikely they’ll find all the workers they need. For shoppers, it might mean a less than jolly holiday shopping experience, with bare store shelves and online orders that take longer than usual to fill. Employers are so desperate to find holiday workers they’re raising pay above $15 an hour, offering four-figure sign-on bonuses and promising to pay their schooling. If they can’t find the workers they need, employers will likely rely on existing staff to work more overtime, which can become costly for businesses and lead to burnout for workers. WASHINGTON (AP) — The International Monetary Fund is slightly downgrading its outlook for the global recovery from the pandemic recession, reflecting the persistence of supply chain disruptions in industrialized countries and deadly disparities in vaccination rates between rich and poor nations. In its latest World Economic Outlook, the IMF foresees global growth this year of 5.9%, compared with its projection in July of 6%. For the United Sates, the IMF predicts growth of 6% for 2021, below its July forecast of 7%. The downward revision reflects a slowdown in economic activity resulting from a rise in COVID-19 cases and delayed production caused by supply shortages and a resulting acceleration of inflation.

Coronavirus pandemicUS to reopen land borders in November for fully vaccinatedBoeing tells workers they must get COVID-19 vaccineTexas order reflects growing GOP vaccine mandates hostilityFlorida fines key county $3.5 million for mandating vaccinesADVERTISEMENT ___

IMF board confident about leader despite data-rigging claims WASHINGTON (AP) — The International Monetary Fund has expressed “full confidence” in its managing director. The statement came in response to allegations that while Kristalina Georgieva was a World Bank official, she and others pressured staffers to change business rankings in an effort to placate China. The IMF’s 24-member executive board says its review did not conclusively demonstrate that Georgieva played an improper role. But it says a probe into possible misconduct by World Bank staff is continuing. Georgieva has denied any wrongdoing in response to an investigative report by the WilmerHale law firm. ___

Americans quit their jobs at a record pace in August WASHINGTON (AP) — One reason America’s employers are having trouble filling jobs was starkly illustrated in a report Tuesday: Americans are quitting in droves. The Labor Department said that quits jumped to 4.3 million in August, the highest on records dating back to December 2000, and up from 4 million in July. Hiring also slowed in August. The report showed the number of jobs available fell to 10.4 million, from a record high of 11.1 million the previous month. The data strongly suggests that the delta variant wreaked havoc on the job market in August. As COVID-19 cases surged, quits jumped in restaurants and hotels and rose in other public-facing jobs, such as retail and education. ___

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