Fed’s Barkin Warns Young Workers Face Slog and Urges Retraining
“Young people may face a long slog in the U.S. labor market as customer-facing jobs at restaurants and in services may not recover fully from the Covid-19 pandemic, Federal Reserve Bank of Richmond President Thomas Barkin said, urging increased retraining of American laborers. “It seems quite possible that — even with a vaccine or treatment — we will be in a world where highly exposed personal service sectors, such as restaurants, retail, and entertainment continue to operate at reduced capacity, which would mean fewer jobs in those sectors,” Barkin said in an essay posted on the bank’s website Monday.”
German Businesses Signal Optimism Recovery Is on Track
“German companies have turned slightly more optimistic that the economy will continue on its long road to recovery, after the pandemic eroded spending and investment in the first half of the year. Business confidence rose to 92.6 in August from 90.4 in July, the Ifo Institute said Tuesday. That beat the median forecast of economists in a Bloomberg survey. Expectations also improved to 97.5 from 96.7.”
China Banks Hire Tens of Thousands in Latest Rescue Mission
“China’s mega banks are ramping up their recruitment of fresh graduates as a record number enter the labor market, joining other state-owned firms in boosting employment even as lenders deal with plunging earnings and ballooning bad debt. The four biggest state banks, led by Industrial & Commercial Bank of China Ltd., this month kicked off their autumn campus hiring, instead of in November as in previous years. ICBC plans to hire 18,000 graduates this year while China Construction Bank Corp. is adding 16,000, up from 13,000 last year. Bank of China Co. will increase its hiring by 15% to more than 10,000, according to their advertisements. Agricultural Bank of China Ltd. already hired 4,500 people during the spring round.”
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